Hin Leong oil tycoon OK Lim found guilty in US$111.7 million cheating, forgery trial
SINGAPORE: The founding father of failed oil trading agency Hin Leong Trading changed into once on Friday (Would possibly per chance 10) convicted of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and abetting forgery.
Lim Oon Kuin, better identified as OK Lim, will return to court for sentencing in October. The 82-year-primitive is represented by lawyers from Davinder Singh Chambers.
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The case fervent two bogus transactions for the sale of oil with China Aviation Oil (Singapore) Corporation and Unipec Singapore, and the submission of solid documents that led HSBC to disburse tens of millions of bucks in loans to Hin Leong.
This amounted to at the least US$111.7 million (S$150 million), in step with the three costs that the prosecution went ahead with out of the extra than 100 costs that Lim confronted.
The trial, which started remaining April, centred on who had directed Hin Leong staff to prepare the documents that made it seem savor the oil vendor had entered into the two purported transactions.
Delivering Friday’s verdict, Valuable District Resolve Toh Han Li found that Lim had directed his staff to forge the documents for the fictitious transactions in March 2020.
The settle additionally said that Lim had “dishonest intent” in telling his staff to prepare the documents, and that he knew it changed into once now no longer correct to post a discounting application for a deal that changed into once now no longer performed.
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Discounting refers to accounts receivable financing, the attach a vendor “sells” unpaid invoices to a financial establishment and customarily receives a a puny discounted upfront price, in cases the attach the credit terms for the transaction would mean that the vendor would in every other case easiest salvage price from the client at a later date.
If the discounting application changed into once accredited, the financial institution would pay the vendor the invoice amount and price a rate for the transaction.
Source: Reuters
