Oon Kuin, the elderly founder of the collapsed oil trading firm Hin Leong Trading, was sentenced to 17.5 years in jail for orchestrating a massive fraud scheme. The 82-year-old, known as OK Lim, was convicted of cheating the Hong Kong and Shanghai Banking Corporation (HSBC) by submitting forged documents to secure over US$111.7 million in loans.
The prosecution argued that Lim’s actions were a serious breach of trust and could undermine Singapore’s oil trading industry. They sought a 20-year jail sentence, emphasizing the gravity of the offences and disregarding Lim’s age and medical conditions.
Lim’s defence team argued for a seven-year sentence, citing gaps in the prison service’s assessment of his medical needs. They highlighted his various health issues, including anxiety, depression, and cognitive impairment.
The trial centered on who directed the preparation of forged documents to facilitate the fraudulent transactions. The judge found that Lim, despite stepping down as managing director, remained the “big boss” and was actively involved in the company’s operations.
In addition to the criminal case, Lim and his family are facing a civil lawsuit brought by liquidators, with a judgment of US$3.5 billion entered against them. The family has declared bankruptcy due to their inability to pay the substantial debt.
Image—ST PHOTO: KELVIN CHNG
