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Singapore: Hin Leong Trading Founder goes to trial for cheating, forgery charges

Prosecution proceeded on three charges out of total of 130 charges Lim Oon Kuin is facing; charges were for offences of cheating, abetment of forgery of a valuable security, and abetment of forgery.

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Lawyers representing Hin Leong Trading and banks were present at the Singapore State Court on Tuesday (11 April) over alleged forgery charges against the founder of Hin Leong Trading (Pte) Ltd involving USD 111.7 million (SGD 148.7 million), according to local media reports. 

The prosecution proceeded on three charges out of the total of 130 charges that 81-year-old Lim Oon Kuin is facing: Two counts of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of instigating a contracts executive of Hin Leong Trading to forge a false record.

The 130 charges were for the offences of cheating, abetment of forgery of a valuable security, and abetment of forgery. 

The three charges relate to HSBC previously alleging Lim had falsified documents in order to obtain credit from the bank. In October, HSBC filed for legal action 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.

In its filing, HSBC alleged that it was “fraudulently deceived” into lending USD 111.7 million by signing off a forged invoice for cargo sold to China Aviation Oil (CAO) for USD 56 million, the other for cargo sold to Unipec Singapore for USD 55.7 million.

In a related case, Lim and his two children who are also directors of Hin Leong were reportedly being sued by HLT’s judicial managers for breaching fiduciary duties as directors and fraud.

In a court filing, the judicial managers were looking to recover USD 3.5 billion (SGD 4.75 billion) on top of another USD 90 million in dividends which the trio had allegedly paid themselves despite the company being insolvent.

The judicial managers in May 2021 obtained a Mareva injunction to freeze the Lim family’s assets worldwide up to a value of USD 3.5 billion in order to recover the debt. 

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

Related: Hin Leong Trading Founder faces additional 105 cheating, forgery charges in court
Related: Ocean Tankers judicial managers progressing to liquidate firm after expiry of court order
Related: Singapore: Hin Leong Trading Director charged with obstructing course of justice
Related: Court of Appeal: Hin Leong, Lim family claim ‘without any factual or legal basis’
Related: Singapore: High Court dismisses UniCredit Bank USD 37 million claim against Glencore over Hin Leong transaction
Related: Singapore: Hin Leong takes Deloitte to court over alleged auditing failures
Related: Hin Leong Trading Founder OK Lim facing 23 new forgery-related charges at State Courts
Related: Application to wind up Hin Leong Trading subsidiary, Hin Leong Marine approved
Related: Singapore High Court approves Hin Leong Trading wind up order application
Related: Hin Leong Trading liquidates a third of its fleet to recover USD 3.5 billion debt
Related: Lim family aims to wind up Hin Leong Trading subsidiary, Hin Leong Marine
Related: Judicial Managers of Hin Leong Trading Pte Ltd file for winding up order
Related: Hin Leong judicial managers to hold meeting of creditors to discuss fees incurred
Related: Lim family files application to wind up Hin Leong Trading subsidiary, Hin Leong Marine
Related: First creditors meeting of Ocean Tankers to be held in early January 2021
Related: Bank of China takes legal action against BP Plc and Lim family to recover $312.9 million
Related: OBS to wind up operations; creditor list alleges estimated USD 42 million debt
Related: Ocean Tankers publishes notice for creditors to prove any debts or claims for publication
Related: Hin Leong Trading founder denies allegations of forgery put forward by HSBC
Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management
Related: HSBC takes Lim family and Hin Leong employee to court to recover USD 85.3 million
Related: Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditors
Related: Xihe Capital and subsidiaries, Nan Guang Maritime to undergo voluntary liquidation
Related: MPA: Ocean Bunkering Services licenses suspended ‘until further notice’ and not revoked
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Related: Ocean Tankers to return most ships to owners to reduce $540,000 a day cash burn
Related: Singapore: Ocean Bunkering Services license suspended until further notice
Related: PwC publishes ‘investment opportunity’ for Singapore independent bunker fuel supplier
Related: Hin Leong founder O.K. Lim hit with second charge of abatement in forgery
Related: Hin Leong judicial managers and legal firms could rack up SGD 17.3 million in fees
Related: Winson Group wins ICC backing in dispute against banks over credit for Hin Leong Trading
Related: O.K. Lim and two children sued for USD 3.5billion; receiver appointed for 3 Xihe ships
Related: Managers of Ocean Tankers looking to recover USD 19 million from Lim family
Related: Argus Media: Singapore’s Hin Leong founder charged with forgery
Related: Xihe Holdings placed under IJM as OCBC reverses decision for ‘consensual restructuring’
Related: Xihe replaces Directors, forms new management team to chart fresh course for Group
Related: Hin Leong Trading lawyers publish application to fulfill requirements for hearing to proceed
Related: Ocean Tankers legal team publishes application to be placed under judicial management
Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed
Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL
Related: OCBC files for Xihe Holdings to be placed under judicial management
Related: Judicial managers of Ocean Tankers discover discrepancies and fraud in exposure claims
Related: Judicial managers of Ocean Tankers to present restructuring proposals to owners
Related: PwC probes uncover mass grave of financial skeletons and alleged fraud within HLT
Related: Winson Group seeks SGD 30.4 million from Standard Chartered over HLT related trade
Related: Winson Group seeks SGD 30.4 million from OCBC over credit pull in Hin Leong trade
Related: Ocean Tankers: Notice to prove debt or claim published by interim judicial managers
Related: ‘Reasonable prospects’ to keep Ocean Tankers as a going concern, states Director
Related: Singapore: Ocean Tankers, a separate entity of Hin Leong, seeking judicial management
Related: Singapore High Court concedes interim judicial management to Hin Leong Trading
Related: Sembcorp commences legal proceedings against Hin Leong Trading over gasoil cargo
Related: Sembcorp Cogen aborts gasoil supply and storage contract with Hin Leong Trading
Related: Report: Sinopec expresses interest in Hin Leong Trading stake of Universal Terminal
Related: Report: Hin Leong Trading appoints PwC as interim judicial manager
Related: Singapore’s Police Force commence investigations into Hin Leong Trading
Related: Report: Hin Leong Trading founder gave instructions to hide USD 800 million losses
Related: Singapore: Ocean Bunkering Services to discontinue marine fuel deliveries
Related: Hin Leong in debt restructuring exercise; Ocean Tankers a separate entity, says CEO
Related: Report: Hin Leong Trading finances under scrutiny, amid credit pull from two banks

 

Photo credit: Manifold Times
Published: 12 April, 2023

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Biofuel

Singapore: Sea Oil Petroleum receives ISCC EU certification, mulls increasing product portfolio

‘Sea Oil seeks to do its part for climate change by giving options to support to our end users,’ says Steve Goh, Head of Trading.

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Singapore-based bunker trading firm Sea Oil Petroleum Pte Ltd (Sea Oil), a wholly owned subsidiary of Thailand-listed Sea Oil Public Company Limited, has received International Sustainability and Carbon Certification (ISCC) EU certification, learned Manifold Times.

ISCC EU is a certification scheme that verifies compliance with the sustainability criteria for biofuels and bioliquids within the European Union. It ensures that biomass and biofuels used in the EU meet specific environmental and social requirements, including greenhouse gas emission reductions and traceability throughout the supply chain.

The milestone, which took place on 22 May after two months of processing, was reflective of the company’s aim to expand its bunker fuel product offerings to clients seeking sustainable solutions, Steve Goh, Head of Trading at Sea Oil, told the bunkering publication.

“It is important for the bunkering sector to remain relevant, adapt, and play an active role in supporting shipping’s decarbonisation journey,” said Mr Goh while adding that, “this is in line with our group’s green initiative and sustainability drive.”

“As such, Sea Oil seeks to do its part for climate change by giving options to support to our end users.

“By achieving ISCC EU certification, Sea Oil will be in a better position to provide green marine fuel solutions to customers embarking on this journey towards net zero.”

Manifold Times in May reported Sea Oil welcoming a Senior Bunker Trader to its team.

The company started 2025 with an expanded team on both international and local fronts.

Sea Oil Petroleum may be reached at: [email protected]

Related: Singapore: Sea Oil Petroleum boosts Asia and international presence with new Senior Bunker Trader
Related: Singapore: Sea Oil Petroleum enters 2025 with international representatives, expanded team

 

Photo credit: Sea Oil Petroleum
Published: 10 July 2025

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Wind-assisted

Anemoi unveils state-of-the-art rotor sail production facility in China

Site boasts an annual production capacity of 250 Rotor Sails, and the option to expand further and store units for fast turnaround.

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Anemoi Rotor Sail production facility MT

Wind propulsion solutions provider Anemoi Marine Technologies on Tuesday (8 July) officially opened its new Rotor Sail production facility in China.

Strategically located on the banks of the Yangtze River, Anemoi’s facility is located in Jingjiang City, Jiangsu Province, within Daming Heavy Industry’s manufacturing base.

The facility provides direct access to port infrastructure, enabling seamless logistics for import, export, and delivery.

With barge transport available on-site, Rotor Sails can be transported efficiently and installed directly at nearby major shipyards, streamlining operations and minimising environmental impact.

“This is more than just a new site,” said Clare Urmston, CEO of Anemoi.

“It’s a fully integrated, end-to-end production hub where every stage, from steel fabrication and precision assembly to rigorous testing and quality assurance, is handled under one roof.

“That means faster turnaround, uncompromised quality, and complete oversight by our expert team, on site, from start to finish. Anemoi’s strategy is quality first and this site enables exactly that.”

With an annual production capacity of 250 Rotor Sails, and the option to expand further and store units for fast turnaround, the new site positions Anemoi to meet surging global demand and support its customers in achieving critical decarbonisation goals.

 

Photo credit: Anemoi Marine Technologies
Published: 10 July 2025

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Milestone

Global Energy Storage Group sells Rotterdam terminal to Tepsa, exits Dutch market

Chooses to sharpen its focus on growth in Asia, particularly its flagship terminal in Port Klang, Malaysia.

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Global Energy Storage Group (GES) on Wednesday (9 July) announced the completion of the sale of its terminal located in the Port of Rotterdam., marking its exit from the Dutch market.

The facility, which includes 212,000 m³ of tank storage and approximately 18 hectares of development land in the Europoort area, was sold to Tepsa, a European bulk liquid and gas storage operator.

The transaction represents a key milestone for GES as it continues to focus its resources on expanding its presence in the fast-growing Asian market, with particular emphasis on its strategic terminal at Port Klang, Malaysia.

It also ensures that the Rotterdam terminal is passed into the hands of a high-quality follow-on owner well positioned to take the asset forward. The transaction also delivers a strong return for GES’s shareholders.

“Part of the investment cycle is realising value from assets at the right time, and we’re confident this was the right moment for GES,” commented Peter Vucins, CEO of GES.

“We are now fully focused on growing our business in Asia, with Port Klang at the centre of that strategy. We extend our sincere thanks to the Rotterdam team and our customers for their support and for maintaining a safe, reliable, and forward-looking operation throughout our ownership.”

With the sale of the Rotterdam terminal, GES no longer holds assets in the Netherlands.

 

Photo credit: Global Energy Storage Group
Published: 10 July 2025

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