Business
24 Jun 2021 11:29AM
SINGAPORE: Singapore's public prosecutor on Thursday (Jun 24) filed 105 additional charges in court against Lim Oon Kuin, the founder of collapsed oil trading firm Hin Leong Trading.
The charges are on top of 25 forgery-related charges filed against Lim last year and in April this year.
Thursday's charges comprised 68 charges of cheating, 36 charges on conspiracy to commit forgery and one charge of conspiracy to forge a valuable security.
Hin Leong, one of Asia's largest oil traders, was placed under so-called judicial management in April last year after banks demanded repayment of loans as oil prices crashed amid the coronavirus pandemic - a collapse that revealed earlier financial troubles.
Both Lim and his lawyer have previously declined to comment to Reuters on the case.
The oil trader, set up in 1973 and owned by Lim and his children Evan Lim and Lim Huey Ching, failed in a year-long effort to restructure debt of about US$3.5 billion.
Singapore's prosecution also sought at the State Court hearing on Thursday to increase Lim's bail amount by S$2 million. Currently the bail is set at S$3 million.
A Singapore court in May approved a freeze on up to US$3.5 billion of Lim family assets, boosting the prospect of debt recovery from the former oil trading empire that counts some of the world's biggest banks among its creditors.
Source: Reuters/ta
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Singapore adds charges against Hin Leong's founder oil trader OK Lim
FILE PHOTO: Founder of collapsed oil trading firm Hin Leong Trading, Lim Oon Kuin, better known as OK Lim, arrives at the State Courts in Singapore Apr 30, 2021. (Photo: REUTERS/Edgar Su)24 Jun 2021 11:29AM
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SINGAPORE: Singapore's public prosecutor on Thursday (Jun 24) filed 105 additional charges in court against Lim Oon Kuin, the founder of collapsed oil trading firm Hin Leong Trading.
The charges are on top of 25 forgery-related charges filed against Lim last year and in April this year.
Thursday's charges comprised 68 charges of cheating, 36 charges on conspiracy to commit forgery and one charge of conspiracy to forge a valuable security.
Hin Leong, one of Asia's largest oil traders, was placed under so-called judicial management in April last year after banks demanded repayment of loans as oil prices crashed amid the coronavirus pandemic - a collapse that revealed earlier financial troubles.
Both Lim and his lawyer have previously declined to comment to Reuters on the case.
READ: High Court approves move to freeze Hin Leong's founder's assets: Liquidators
The oil trader, set up in 1973 and owned by Lim and his children Evan Lim and Lim Huey Ching, failed in a year-long effort to restructure debt of about US$3.5 billion.
Singapore's prosecution also sought at the State Court hearing on Thursday to increase Lim's bail amount by S$2 million. Currently the bail is set at S$3 million.
A Singapore court in May approved a freeze on up to US$3.5 billion of Lim family assets, boosting the prospect of debt recovery from the former oil trading empire that counts some of the world's biggest banks among its creditors.
Source: Reuters/ta
Continue reading...