Singapore: Hin Leong Trading Founder testifies for the first time in his own defence

Crime

Published Tue, 31st October 2023
by Admin

Lim Oon Kuin spoke in detail about his group of businesses including Ocean Bunkers and Ocean Tankers as well as testified that his former PA was responsible for negotiations with banks for new financing.

The Singapore State Courts on Monday (30 October) heard Hin Leong Trading (Pte) Ltd Founder Lim Oon Kuin, who is accused of alleged cheating and forgery charges involving USD 111.7 million (SGD 148.7 million), taking the stand for the first time in his own defence.

According to The Business Times, Lim, also known as O.K. Lim, who spoke in Mandarin that his group of businesses which included Hin Leong, Ocean Tankers, Ocean Bunkers, Xihe Holdings and Xihe Capital, operated on a “left pocket, right pocket” model.

Lim, as quoted, testified: “Sometimes, if one company needs anything, the other will help. If one company needs funds, another company will send the funds over.”

One of Lim’s lawyers Navin Thevar asked Lim for details of each company that was under Lim’s control to which he responded that Hin Leong was in the business of purchasing and selling oil. Hin Leong then set up the other companies.

Lim said shipping firm Ocean Tankers was set up to manage and rent out ships, while Ocean Bunkers was established to supply bunkers to the ships. Ocean Bunkers was managed by Ocean Tankers.

Xihe Holdings and Xihe Capital were holding companies that owned over 100 tankers, while Universal Group Holdings was the largest oil storage terminal in Singapore, and was used to store different types of oil.

Lim was the managing director of Hin Leong in 1973 until either March or April 2020.

The Straits Times reported Lim also testified that his former personal assistant Serene Seng was responsible for buy and sell negotiations with clients, and negotiations with banks for new financing, among other responsibilities at Hin Leong.

Lim said there was more work for Seng to be responsible for as Hin Leong’s business grew and there were more interactions with banks.

Seng was eventually appointed head of contracts and corporate affairs manager “so clients would understand what she does”, according to Lim.

In April, the Singapore State Court heard Seng confess to lying during investigations by Commercial Affairs Department (CAD), when she said she was unable to recall events connected to a transaction that is related to Lim Oon Kuin’s criminal charges.

The 61-year-old who had worked at Hin Leong Trading for close to 30 years and whose last position was Manager of Corporate Affairs, testified against her former boss, Lim, who faces cheating and forgery charges.

Under cross-examination by Senior Counsel Davinder Singh of Davinder Singh Chambers, representing Lim, Mrs Seng admitted she had lied to CAD, about not being able to remember the circumstances relating to the transaction in order to protect her children.

She expressed fear of prosecution which may lead to jail time while her school-going children were still young.

Mrs Seng is also one of four defendants, along with three members of the Lim family, in a lawsuit filed by HSBC against the Lim family and a Hin Leong employee to recover USD 85.3 million of its USD 111.7 million exposure to Hin Leong.

An extensive coverage by Singapore bunkering publication Manifold Times regarding the fall of Hin Leong can be found below:

Photo credit: Manifold Times
Published: 31 October, 2023

Singapore: Hin Leong Trading Founder testifies for the first time in his own defence

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