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Singapore oil trader OK Lim on trial in $3.5 billion case

Bloomberg
Updated ·1-min read
Founder of collapsed oil trading firm Hin Leong Trading Pte Ltd, Lim Oon Kuin, better known as O.K. Lim, leaves the State Courts in Singapore April 30, 2021. REUTERS/Edgar Su
Founder of collapsed oil trading firm Hin Leong Trading Pte Ltd, Lim Oon Kuin, better known as O.K. Lim, leaves the State Courts in Singapore April 30, 2021. REUTERS/Edgar Su (Edgar Su / reuters)

By Alfred Cang and Chanyaporn Chanjaroen

(Bloomberg) — Singapore businessman Lim Oon Kuin is scheduled to stand trial Tuesday for charges related to fraud and cheating, after his collapsed oil firm Hin Leong Trading Pte. owed about $3.5 billion to banks.

Lim, the 81-year-old founder of Hin Leong, faced a total of 130 charges after the oil trader was accused of hiding more than $800 million in losses and leaving more than 20 banks with huge liabilities.

Lim, once an influential figure in Singapore’s oil and shipping trading industry, appeared in the city-state’s court in a wheelchair. Hin Leong’s fallout was the biggest among a string of failures in Singapore’s commodities sector in recent years. HSBC Holdings Plc and DBS Group Holdings Ltd. are among the bank creditors which provided trade finance to Hin Leong for years.

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The case also spawned numerous civil lawsuits from banks against the firm. In turn, Hin Leong sued its auditor Deloitte & Touche LLP for allegedly failing to detect “serious irregularities” in its financial statements for more than a decade.

The case is PP v Lim Oon Kuin, SC-905820-2020, Singapore State Courts.

©2023 Bloomberg L.P.