Legal

Singapore: Hin Leong Trading Founder found guilty of cheating and instigating forgery charges

After over 60 days of trial, Lim was convicted on three charges concerning two fraudulent discounting applications made by Hin Leong to HSBC, pursuant to which HSBC disbursed USD 111,683,939 to Hin Leong.

Published

12 months ago

May 13, 2024

Admin

Singapore Police Force on Friday (10 May) said the Founder of Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, was convicted on two charges of cheating and one charge of instigating forgery for the purpose of cheating after a trial of over 60 days.

The 82-year-old was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences, and Lim claimed trial to these charges.

The trial proceeded on three charges:

Two charges of cheating under Section 420 of the Penal Code, and,
One charge of instigating forgery for the purpose of cheating under Section 468 read with Section 109 of the Penal Code.

These three charges concern two fraudulent discounting applications made by Hin Leong to the Hongkong and Shanghai Banking Corporation Limited (HSBC), pursuant to which HSBC disbursed a total of USD 111,683,939 to Hin Leong. The rest of the charges were stood down pending resolution of the trial.

The court found that Lim had, through Hin Leong employees, cheated HSBC by representing to the bank that Hin Leong had entered into two contracts for the sale of oil, with China Aviation Oil (Singapore) Corporation Ltd and Unipec Singapore Pte Ltd respectively, and then applying for discounting of those purported transactions. In fact, the two transactions were complete fabrications, concocted on Lim’s directions, and the discounting applications were supported by forged or fabricated documentation.

Lim will be sentenced on 3 October. He faces imprisonment of up to 10 years and shall also be liable to a fine for each charge under Section 420 of the Penal Code and Section 468 read with Section 109 of the Penal Code.

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

Photo credit: Manifold Times
Published: 13 May 2024

Winding up

Singapore: Notice of first and final dividend issued for East Marine Pte Ltd

First and final dividend to preferential creditors of East Marine is payable from 25 April through interbank transfer, reads notice in the Government Gazette.

Published

1 day ago

April 29, 2025

Admin

A notice was published in the Government Gazette on Friday (25 April), regarding the first and final dividend to preferential creditors of East Marine Pte Ltd.

The following are details of the notice of dividend of the company:

Name of Company : East Marine Pte Ltd (In Creditors’ Voluntary Liquidation)
Singapore UEN : 198601345E
Address of Registered Office : 8 Wilkie Road #03-08 Wilkie Edge, Singapore 228095
Amount per centum : 100.00 per centum of all admitted preferential claims pursuant to Section 203(1)(d), (e), (g) and (h) of the Insolvency, Restructuring and Dissolution Act 2018
First and final or otherwise : First and final
When payable : 25 April 2025 onwards
Where payable : Interbank transfer (all bank charges shall be borne by the recipient of the preferential dividend payment)

Related: Singapore: East Marine Pte Ltd to be wound up voluntarily

Photo credit: steve pb from Pixabay
Published: 29 April, 2025

Winding up

Singapore: Liquidator schedules final meeting for Kukuh Shipping Pte Ltd

Final meeting of members of the company will be held at 9 Raffles Place, #19-20 Republic Plaza Tower 2, Singapore 048619 on 26 May at 10 am, according to Government Gazette notice.

Published

2 days ago

April 28, 2025

Admin

The final meeting of members for Kukuh Shipping Pte Ltd, has been scheduled to take place on 26 May, according to the company’s liquidator on a notice posted on Friday (25 April) on the Government Gazette.

The meeting will be held at 9 Raffles Place, #19-20 Republic Plaza Tower 2, Singapore 048619 at 10 am.

It is being held for the purpose of receiving an account from the liquidator showing the manner in which the winding-up has been conducted and of hearing any explanation that may be given by the liquidator.

According to SGPBusiness, a business directory for companies registered in Singapore, the company's principal activity is in shipping, including chartering of ships and boats with crews.

The details of the liquidator are as follows:

Cheng Sam Tai Catherine
Liquidator
c/o Crowe Horwath First Trust Corporate Advisory Pte. Ltd.
9 Raffles Place, #19-20 Republic Plaza Tower 2, Singapore 048619

Photo credit: Jo_Johnston from Pixabay
Published: 28 April, 2025

Winding up

Final meeting scheduled for Diamond S Management (Singapore) Pte Ltd

Meeting will be held at 9.30am on 29 May by electronic means via a Zoom meeting to hear any explanation that may be given by the liquidator, according to Government Gazette notice.

Published

2 days ago

April 28, 2025

Admin

The final meeting of Diamond S Management (Singapore) Pte Ltd, has been scheduled to take place on 29 May, according to the company’s liquidators on a notice posted on Wednesday (16 October) on the Government Gazette.

The meeting will be held at 9.30am by way of electronic means via a Zoom meeting. It is being held for the purpose of the members to receive and consider the Liquidators’ Statement of Accounts, showing how the winding-up has been conducted and the property of the company has been disposed of and to receive an explanation thereof.

The liquidators of the company are Mona Low Sok Lee and Teo Chai Choo.

According to SGPBusiness, a business directory for companies registered in Singapore, and The Grid, B2B Sales Intelligence platform, the company’s principal activity is ship management services.

Note: Any member entitled to attend and vote at the meeting is entitled to appoint a proxy or corporate representative to attend and vote on his behalf. A proxy or corporate representative need not be a member. The instrument appointing a proxy or corporate representative must be deposited at the Registered Office of the Company at 4 Shenton Way, #04-01 SGX Centre 2, Singapore 068807 not less than seventy-two hours before the time set for holding of the Meeting.

Photo credit: Drew Beamer
Published: 28 April, 2025