Singapore oil tycoon Lim Oon Kuin will be sentenced on November 18 for cheating and forgery in one of the biggest trading scandals to rattle the energy-trading hub, Bloomberg News reported. In a Singapore court on Tuesday, public prosecutor Christopher Ong argued for a 20-year jail sentence for Lim on three counts, including instigating forgery and deceiving HSBC Holdings Plc. Lim’s defence lawyers led by Davinder Singh sought a 7-year period. The sentence is the latest development in the dramatic downfall of the founder of now-defunct oil company Hin Leong Trading Pte.
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Singapore’s High Court approved former oil tycoon Lim Oon Kuin’s agreements to pay about $3.59 billion to the liquidators of his company and creditor HSBC Holdings Plc, ending the multi-year civil cases against him and his family, Bloomberg News reported. The Lims didn’t admit liability. They will pay the sum with interest and costs in the consent judgments agreed in court proceedings on Monday. OK Lim and his children Evan Lim Chee Meng and Lim Huey Ching will file for bankruptcy, they said in separate statements.
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Applications for bankruptcy rose in the first half of 2024, as did the number of people declared eventually bankrupt, the Straits Times reported. Recent Law Ministry (MinLaw) data shows that 2,334 people filed for bankruptcy in the six months to June 30, up 25 per cent on the same period in 2023, while 594 were later declared bankrupt, an increase of 11 percent. Read more. (Subscription required.)
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