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A Singapore oil magnate faces prison in a major fraud case over...

Published on February 15, 2025
Published by ArmandHupp5
Viewed by 4 people
#525215
Appliances
31.00 Pound £

Description of item

KUALA LUMPUR, Malaysia (AP) - A Singapore oil magnate was sentenced Monday to 17.5 years in prison for Hk Live Draw fraud and forgery in a case that prosecutors said has tarnished the city-state's reputation as Asia´s leading oil trading hub.

Lim Oon Kuin, 82, was convicted in May on two counts of cheating the Hongkong and Shanghai Banking Corp. (HSBC) and one of abetting forgery. The court found Lim used forged documents on two bogus oil transactions to deceive HSBC into disbursing credit totaling $111.7 million, in one of the biggest cases of trade financing fraud in Singapore.

Lim, a Chinese immigrant, founded Hin Leong Trading in 1963. It grew into one of Asia´s biggest oil trading companies. It collapsed in 2020 after a failed bet that oil prices would rebound after China´s containment of COVID-19.

Location

Country
Singapore
Region
BY
City
Wurzburg
Address
Muhlenstrasse 71

Other information

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