AsianFin -- Singaporean oil tycoon Lim Oon Kuin, known as OK Lim, has been sentenced to 17 and a half years in prison for defrauding HSBC Holdings Plc and orchestrating forgery, a case that has sent shockwaves through the city-state's commodity trading industry and caused significant financial losses for banks.
Judge Toh Han Li, speaking at Singapore's State Courts on Monday, emphasized that a "deterrent sentence" was necessary. Lim was convicted on three charges, out of more than 100 he originally faced, with the total financial impact approaching $112 million.
The 82-year-old founder of the once-dominant commodity trading firm Hin Leong Trading was found guilty earlier this year. At its peak, Hin Leong was one of Asia's largest suppliers of diesel and shipping fuel. The company’s downfall was marred by several scandals, including the collapse of Noble Group Ltd. and the fall of Agritrade International Pte.
In a separate civil matter, Lim and his children agreed in September to pay $3.6 billion to settle claims with Hin Leong’s liquidators and creditor HSBC, while also proceeding with bankruptcy filings.
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