Singapore Seeks $3.5-B From Disgraced Oil Tycoon

Singaporean liquidators have demanded that former oil tycoon Lim Oon Kuin, also known as OK Lim, and his two children stole US$3.5-billion from their company Hin Leon Trading and paid themselves millions in dividends as their company sank into debt, Lydia Lam reported for Channel News Asia (CNA).

Photo Insert: Hin Leong Trading suffered about US$808 million in losses from futures and swaps from 2010 to 2020, with the losses allegedly concealed by overstating profits by US$2.1 billion in the same period.

The liquidators claimed OK Lim and his children perpetuated fraud to keep financing coming in, while paying themselves dividends when Hin Leong Trading was making no profit, leaving the company with massive debts.

The liquidators opened their court case against the three on Aug. 10, saying the defendants must pay up and settle all the company’s debts.

The 81-year-old former oil tycoon and his children allegedly tried to portray Hin Leong as a profitable and healthy company to continue obtaining financing, even though the company had been incurring massive losses for years.

The company suffered about US$808 million in losses from futures and swaps from 2010 to 2020, with the losses allegedly concealed by overstating profits by US$2.1 billion in the same period.

The Lims allegedly deceived banks into extending credit by hiding the true financial state of Hin Leong.

The ruses include pledging cargo Hin Leong did not own or overstating the quantity it did, selling the same cargo to more than one party, and by using fabricated sales contracts and invoices.

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