Singapore Oil King Defrauds Giant Bank

  

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By:

Team of Hukumindo

Previously, the www.hukumindo.com platform has talk about "Because of Criticizing Animal Care Centers, An Irish Tourist Arrested In Dubai", "TEOFL Requirements for Civil Servant Candidate Tests Challenged to the Indonesia Constitutional Court", you may read also "A Wife in India Asked For a Divorce Because Her Husband Rarely Bathed" and on this occasion we will discuss about 'Singapore Oil King Defrauds Giant Bank'.

The founder of a Singapore oil trading company, Lim Oon Kuin, faced charges. Lim Oon Kuin was charged with defrauding HSBC bank out of millions of dollars. Lim Oon Kuin has been involved in the law since last May. He is considered to have damaged Singapore's reputation as a leading oil trading center in Asia. He owned a company called Hin Leong Trading, the largest oil trading company in Asia, before it collapsed in 2020. District Court Judge Toh Han Li is scheduled to sentence Lim today. Prosecutors demanded that Lim be sentenced to 20 years in prison.[1]

"This is one of the most serious cases of trade finance fraud ever prosecuted in Singapore," said the Public Prosecutor. Lim faced a total of 130 criminal charges involving hundreds of millions of dollars, but prosecutors tried and convicted him on only three counts. The second was charged with defrauding banking giant HSBC and the third for encouraging a Hin Leong executive to falsify documents. Prosecutors also said he tricked HSBC into disbursing almost US$ 112 million or the equivalent of IDR 1.7 trillion (exchange rate Rp. 15,850). The defendant told the bank that his company had signed oil sales contracts with two companies.[2]

"This transaction was actually a fabrication, made at the behest of the defendant. This seriously tarnishes Singapore's hard-earned reputation as a leading oil trading center in Asia," emphasized the prosecutor. As an additional information, Lim is now 83 years old. He founded the company in 1965. The company played a key role in helping Singapore become a leading ship refueling port in the world. However, this collapsed in 2020 during the Covid-19 pandemic. The pandemic plunged the oil market into unprecedented chaos.[3] And if you have any legal issue in Indonesia territory, contact us for business inquiry, feel free in 24 hour, we will be glad to assist you. 

*) For further information please contact:

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References:

1. "Raja Minyak Singapura Tipu Bank Raksasa, Rugikan Rp 1,7 Triliun", finance.detik.com, Muhamad Aghasy Putra Hazli, 18 November 2024, Diakses pada tanggal 14 Desember 2024, Link: https://finance.detik.com/berita-ekonomi-bisnis/d-7644644/raja-minyak-singapura-tipu-bank-raksasa-rugikan-rp-1-7-triliun

2. Ibid.

3. Ibid.