Home News Law Embattled oil tycoon slapped with second abetment of charge

Embattled oil tycoon OK Lim slapped with second abetment of forgery charge

Investigations are still ongoing concerning other offences that he allegedly committed

Author

Date

Category

- Advertisement -

Singapore — The founder of Trading, the country’s oil trading giant, has been slapped with a second abetment of charge.

On Friday (Sept 25), the police said in a statement that Lim Oon Kuin had been charged with abetment of forgery for the purpose of cheating.

In August, Lim, 78, who is more popularly known as , was charged with instructing Mr Freddy Tan Jie Ren, an executive at his trading company, to forge a document.

The police statement said that “the charge, which arises from investigations by the Commercial Affairs Department into , relates to Lim Oon Kuin instigating a Hin Leong employee to forge an email purportedly sent by Hin Leong to China Aviation Oil (Singapore) Corporation Ltd on 26 February 2020 in relation to a sale transaction of Gasoil 10PPM Sulphur.

“This email, along with the Inter-Tank Transfer certificate mentioned in the first charge, was submitted to a financial institution to secure more than US$56 million (S$77 million) in trade financing.”

- Advertisement -

The police further said that investigations are still ongoing concerning other offences that Lim allegedly committed.

The two counts of abetment of forgery for the purpose of cheating, which is punishable under Section 468 read with Section 109 of the Penal Code, Chapter 224, could mean that  Lim could end up in prison for as long as 10 years and be fined.

Lim was first charged with forgery on Aug 14, for having Mr Tan forge a document allegedly issued by UT Singapore Services that stated that the company had transferred over one million barrels of gasoil to China Aviation Oil (Singapore).

Lim built his empire starting from a single-truck enterprise through the combination of high risk gambles and hard work, but when oil prices plunged earlier this year, the cracks in his high risk manner of business began to show.

In April, he took to court to seek protection from creditors. According to an AFP report,  Lim’s company had “in truth … not been making profits in the last few years” even though its official report showed it to be in the black for 2019.

He said that he had not disclosed $800 million in losses in the past few years, as well as owed nearly $4 billion to banks.

Hin Leong and its shipping arm Ocean Tankers and Xihe Holdings, three companies linked to Lim and his family, are now under interim judicial management. /TISG

Read also: Crude crash brings down Singapore oil tycoon

Crude crash brings down Singapore oil tycoon

 

Please follow and like us:
Tweet
Share
- Advertisement -

Malaysians rally to help homeless man selling ‘you tiao’ so he can support his 2 daughters

Selangor—One of the very best things we can do for each other in hard times these days is not only to help each other, but also to draw attention to those who need more help than ever. A Facebook user in Malaysia...

Vivian Balakrishnan takes rapid COVID-19 test on camera to “demystify” the process

Foreign Affairs Minister Vivian Balakrishnan performed an Antigen Rapid Test (ART) on himself, for a video published on his Facebook page this week, in a bid to demystify the testing process. Singapore is preparing to allow large-scale events and open its borders...

Jamus Lim offers to help cancer stricken resident going through chemotherapy

Sengkang GRC MP Jamus Lim was quick to offer help to a cancer-stricken resident, after finding out that she has been going for her chemotherapy treatments alone since her daughter is stuck abroad. In a Facebook post published on Saturday (24 Oct),...
Please follow and like us:
Tweet
Share
close

Like and follow us

Follow Me
Tweet