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Singapore: The founder of Hin Leong Trading, the country’s oil trading giant, has been charged with a second incitement to the counterfeiting charge.
On Friday (September 25), the police said in a statement that Lim Oon Kuin had been charged with complicity in forgery for the purpose of cheating.
In August, 78-year-old Lim, popularly known as OK Lim, was charged with instructing Freddy Tan Jie Ren, an executive at his trading company, to falsify a document.
The police statement said that “the charge, arising from the Department of Trade Affairs investigations into Hin Leong, relates to Lim Oon Kuin instigating a Hin Leong employee to falsify an email allegedly sent by Hin Leong to China Aviation Oil (Singapore) Corporation Ltd on February 26, 2020 in connection with a sale transaction of Diesel 10PPM Sulfur.
“This email, along with the certificate of Transfer between tanks mentioned in the first charge, was sent to a financial institution to secure more than US $ 56 million (S $ 77 million) in commercial financing.”
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The police further said that investigations are still ongoing into other crimes that Lim allegedly committed.
The two counts of complicity of forgery for the purpose of cheating, which is punishable under Section 468 read with Section 109 of the Penal Code, Chapter 224, could mean that Lim could end up in prison for up to 10 years and be fined.
Lim was first charged with forgery on August 14, for causing Tan to falsify a document allegedly issued by UT Singapore Services stating that the company had transferred more than one million barrels of diesel to China Aviation Oil (Singapore).
Lim built his empire from a single truck company by combining high-risk bets and hard work, but when oil prices plummeted earlier this year, it cracked his way of doing high-risk business began to show themselves.
In April, he went to court to seek protection from creditors. According to an AFP report, Lim’s company “really … had not made a profit in recent years,” even though its official report showed it was in the black for 2019.
It said it had not disclosed $ 800 million in losses in recent years, plus it owed nearly $ 4 billion to banks.
Hin Leong and his transportation arm Ocean Tankers and Xihe Holdings, three companies linked to Lim and his family, are now under interim judicial management. / ITGS
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