Founder of Hin Leong Sentenced for Fraud in Oil Trading Scandal

The founder of Hin Leong Trading Pte Ltd, O.K. Lim, was sentenced to 17.5 years in prison for cheating HSBC and abetting forgery. Convicted in May, Lim was involved in a $111.7 million scam in oil contracts. The company collapsed with a $4 billion debt, and Lim's family agreed to a $3.5 billion payment.

In a significant turn of events within Singapore's oil trading industry, the founder of Hin Leong Trading Pte Ltd, O.K. Lim, has been sentenced to 17.5 years in prison. The sentence follows his conviction for orchestrating a fraud that deceived global banking giant HSBC and involved forgery, as reported by local media.

Despite attending court in a wheelchair, Lim's advanced age and health conditions were deemed inconsequential given the magnitude of his crimes. Prosecutors highlighted the severity of his actions, which revolved around fabricating oil sales contracts that resulted in HSBC disbursing $111.7 million.

Established in 1973, Hin Leong faced financial downfall amid the oil price crash during the pandemic, leading to a debt of $4 billion and eventual liquidation. The Lim family, including Lim's children, recently agreed to a $3.5 billion payment to the company's liquidators, amid intentions to declare bankruptcy.

(With inputs from agencies.)