On 18 November 2024, Lim Oon Kuin (“Lim”), founder of Hin Leong Trading (Pte) Ltd (“Hin Leong”) was sentenced to a total of 17.5 years’ imprisonment for three charges concerning the cheating of Hongkong and Shanghai Banking Corporation Limited (“HSBC”) into disbursing funds of USD 111,683,939 relating to two fraudulent discounting applications.
Earlier this year on 10 May 2024, Lim was convicted on two charges of cheating under Section 420 of the Penal Code (“Penal Code”) and one charge of instigating forgery for the purpose of cheating under Section 468 read with Section 109 of the Penal Code after a trial of over 60 days. The Court found that Lim had, through Hin Leong employees, cheated HSBC by representing to the bank that Hin Leong had entered into two contracts for the sale of oil, with China Aviation Oil (Singapore) Corporation Ltd and Unipec Singapore Pte Ltd respectively and applied for discounting of those purported transactions. The two transactions were complete fabrications, concocted on Lim’s directions, and the discounting applications were supported by forged or fabricated documentation.
After hearing arguments by the Prosecution and counsel for Lim, the Court meted out the following sentences:
Lim has indicated that he will be filing a notice of appeal against conviction and the sentences imposed. He is currently on bail pending the appeal.
SINGAPORE POLICE FORCE
18 November 2024 @ 7:45 PM