Singapore's Oil Veteran OK Lim Convicted of Criminal Charges [BNN Bloomberg (Canada)]
HSBC Holdings, plc. (HSBC)
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Source: BNN Bloomberg
The former tycoon — popularly known as OK Lim — faced charges of cheating HSBC Holdings Plc and instigating a Hin Leong employee to forge documents, according to the newspaper report. The charges involved a total of $111.7 million, it said, citing a judgment delivered by the State Courts Friday. Lim, along with his two children and former personal assistant Serene Seng, is also facing a civil suit in the High Court, where liquidators and creditors are suing them for $3.5 billion, the report said. His lenders include HSBC and DBS Group Holdings Ltd. The trial is ongoing. The fall of Hin Leong rocked Singapore's close-knit community of oil traders and financiers in 2020, following a series of scandals involving deep losses by Chinese and Japanese traders, the collapse of Noble Group Ltd. and the implosion of Agritrade International Pte. At its peak, Hin Leong was one of Asia's biggest suppliers of diesel and shipping fuel. Lim has been slapped with 130 criminal charges of forgery
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