[ad_1]
SINGAPORE – Embattled oil tycoon Lim Oon Kuin was hit on Friday (September 25) with a second count of complicity in forgery for the purpose of cheating.
Better known as OK Lim, the 78-year-old founder of Hin Leong Trading was unable to enter state courts due to a respiratory problem. The second charge against him was read to him in Mandarin out of court. His $ 3 million bond was also extended.
Lim was previously charged last month with one count of aiding and abetting for the purpose of cheating. The crime carries a jail term of up to 10 years and a fine.
In response to the query from District Judge Christopher Goh, Deputy District Attorney (DPP) Navin Naidu told the court that additional charges could be brought against Lim.
The next court appearance will be held on November 23 at 3 pm.
Indictments filed in state courts on Friday allege that Lim “instigated” Freddy Tan Jie Ren, a Hin Leong contract executive, to falsify a false electronic record. Lim was charged with ordering Mr. Tan to write an email titled “CAO – 10PPM Diesel Sulfur Sale”, which was allegedly sent from Hin Leong to China Aviation Oil (Singapore) Corporation on February 26 at 4 : 41 pm. The email message was allegedly intended to be used for the purpose of cheating.
In the first count, Lim was charged with “instigating” Mr. Tan to falsify a document allegedly issued by UT Singapore Services. Lim allegedly ordered Mr. Tan to make an ITT certificate or a certificate of transfer between tanks using the letterhead of UT Singapore Services. The document claimed that Hin Leong had transferred 1.05 million barrels of diesel to China Aviation Oil (Singapore) Corporation on March 18.
The document was later used to allegedly secure more than US $ 56 million (S $ 77 million) in commercial financing from a financial institution, police said.
Yesterday’s charge follows investigations into Hin Leong by the Department of Trade Affairs, the white-collar crime unit of the Singapore police. Investigations into other crimes allegedly committed by Lim are continuing.
Three companies related to the Lim family have been subjected to interim judicial proceedings. These are Hin Leong and his shipping arm Ocean Tankers, and Xihe Holdings, owned by Lim and his son, Mr. Evan Lim Chee Meng.
Hin Leong and Ocean Tankers had initially sought a six-month moratorium on debts of more than $ 3.6 billion to 23 banks, but have since withdrawn this request.
Hin Leong’s problems escalated after a police investigation and increased scrutiny by various regulators.
This came after Elder Lim said that the company hid around $ 800 million in losses incurred in futures trading over the years by following his instructions. Hin Leong sold a substantial portion of the inventory that it had used as collateral to obtain loans from its banks, according to documents.
[ad_2]
