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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
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Related: Bank of China takes legal action against BP Plc and Lim family to recover $312.9 million
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Related: Ocean Tankers publishes notice for creditors to prove any debts or claims for publication
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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
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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
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Related: Judicial managers of Ocean Tankers discover discrepancies and fraud in exposure claims
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Related: Winson Group seeks SGD 30.4 million from OCBC over credit pull in Hin Leong trade
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Related: Singapore High Court concedes interim judicial management to Hin Leong Trading
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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
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Photo credit: Manifold Times
Published: 12 April, 2023

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Business

VPS launches Maress Summer Campaign Dashboard to track progress of vessels

Dashboard will enable the maritime industry to follow the development of its maritime emissions saving campaign, Maress Summer Campaign 2024, which is aimed at saving 15,000 tons of CO2.

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VPS launches Maress Summer Campaign Dashboard to track progress of vessels

Marine fuels testing company VPS on Thursday (20 June) said it launched its Maress Campaign Dashboard to enable the maritime industry to follow the development of its maritime emissions saving campaign for this year.

It said the Maress Summer Campaign 2024, which started on 1 June and will run for 90 days, is ongoing and is aimed at achieving the goal of saving 15,000 tons of CO2.

“Since our last update, the number of participating vessels has increased from 278 to 303. This is more than doubling of the vessels that participated in the campaign last year,” VPS said in a social media post.

“The industry-wide effort to drive decarbonisation is showing fantastic results, with innovative initiatives and remarkable engagement from vessels across the board.”

It added the main purpose of the campaign is to create collaboration and awareness around emission reductions. 

“This industry-first tool is now open for everyone in the industry to track the collective progress. Updated daily, it provides a transparent and exciting view of the leaders in each category, showcasing the close race towards efficiency gains,” VPS said on the dashboard.

Note: The new dashboard by VPS for the Maress Summer Campaign 2024 can be found here.

Related: VPS to organise Maress Decarbonisation Campaign in 2024
Related: VPS wins OSJ Annual Environment Award 2024 for Maress Summer Campaign
Related: VPS records 10,000 tonnes of CO2 emission cut from campaign with top OSV players
Related: VPS Decarbonisation to kickstart summer campaign to reduce shipping emissions

 

Photo credit: VPS
Published: 21 June, 2024

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Biofuel

UECC reduces emissions in 2023 by more than doubling bio bunker fuel use

UECC boosted the use of ISCC-certified sustainable biofuel B100 on both owned and time-chartered ships to 14,000 mt last year, up from 6,500 mt in 2022.

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UECC

United European Car Carriers (UECC) recently announced its progress of using alternative bunker fuels and said it was on track to exceed its goal of a 45% emissions reduction by 2030 after more than doubling biofuel usage across its fleet last year.

UECC boosted the use of ISCC-certified sustainable biofuel B100 on both owned and time-chartered ships to 14,000 metric tonnes (mt) last year, up from 6,500 mt in 2022.

The company achieved a total tank-to-wake emissions reduction of over 60,000 tonnes across its 14-vessel fleet in 2023, of which it is estimated increased biofuel use accounted for 40,000 tonnes, with the remainder coming from LNG. This was a near-250% increase on the emissions cut of 24,200 tonnes achieved in 2022.

TheEuropean sustainable shortsea carrier said it has made significant strides in decarbonisation of its fleet of pure car and truck carriers (PCTCs) with the addition of five LNG-fuelled newbuilds and the increased rollout of biofuels in recent years - and this is now showing commercial payback for clients in the light of new green regulations, according to Energy and Sustainability Manager Daniel Gent.

“Consequently, we are well on the way to reach or exceed our 45% emissions reduction target by 2030. This clearly has a positive impact for those bio-supportive cargo owners in terms of reducing costs related to the EU Emissions Trading System (EU ETS),” Gent said.

“Furthermore, 85% of the vessels in our fleet achieved a C-rating last year with the IMO’s Carbon Intensity Indicator (CII) and this year we expect all our ships to achieve this rating or above.”

Gent also pointed out the UECC fleet is already in surplus in relation to the requirement for an average 14.5% reduction in GHG intensity by 2035 under the FuelEU Maritime regulation due to be implemented next year.

The environmental performance of UECC’s current fleet of nine owned and five time-chartered PCTCs has been enhanced through delivery over the past seven years of five eco-friendly newbuilds - a pair of dual-fuelled LNG vessels and trio of multi-fuel LNG battery hybrid units.

The use of LNG reduces emissions of CO2 by around 25%, SOx and particulate matter by 90% and NOx by 85%, while the latest battery hybrid newbuilds exceed the IMO target to reduce carbon intensity by at least 40% from 2008 levels by 2030.

UECC is now looking at sourcing alternative carbon-neutral fuels such as bio-LNG and e-LNG for these vessels to further improve their green performance, according to Gent.

UECC’s adoption of alternative fuels has expanded exponentially since the programme was launched in 2020 with piloting the use of biofuel on its vessel Autosky, bolstered by valuable support from owners of its time-chartered vessels, clients such as BMW, fuel suppliers like GoodFuels, industry partners, and parent companies NYK and Wallenius Lines.

“We are now in the fifth year of running our biofuels programme and it has gone from strength to strength. UECC has sought to take a leading role through early-stage analysis of new biofuels to evaluate their potential in terms of technical suitability, sustainability and commercial viability, both  to deliver the best solution for our customers and give the sector a blueprint for assessment and adoption of such fuels based on these three pillars,” Gent explained.

He added that, in terms of sustainability criteria, the company looks for biofuels with the biggest environmental impact, with a typical minimum 90% reduction in GHG intensity from well-to-wake compared with conventional marine fuels. 

UECC has steadily expanded the use of green fuels to cover 30% of its fleet in 2023, up from 18% in 2022, and is on track to achieve 50% coverage this year towards the goal of 80% by 2030, though Gent is confident of surpassing this figure.

He said being proactive in trialling new alternative fuels has also promoted engagement with fuel providers, which has led to UECC’s latest initiative together with biofuel supplier ACT Group as part of an industry collaboration to test the Cashew Nut Shell Liquid (CNSL)-based biofuel FS.100 that he believes has “great potential for sustainable shipping”.

“Increasing the pool of sustainable drop-in fuels offers a pathway for shipping to achieve rapid emissions cuts on existing vessels. Combining alternative fuels with energy efficiency measures such as hull cleaning and electrification with shore power can further accelerate decarbonisation,” Gent said.

“By progressively advancing the use of alternative fuels, we are reducing emissions exposure for our clients and securing regulatory compliance long into the future, while also promoting industry efforts to reach the net-zero goal,” he concluded.

 

Photo credit: United European Car Carriers
Published: 21 June, 2024

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LNG Bunkering

CMA CGM takes delivery of fourth LNG-fuelled containership

Naming ceremony and delivery of vessel, organised at HD Hyundai Mipo in Ulsan, South Korea, marked entry of the fourth vessel in a series of ten specially designed for Northern Europe feeder services.

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CMA CGM takes delivery of fourth LNG-fuelled containership

French shipping giant on Wednesday (19 June) said it celebrated the naming ceremony and delivery of its fourth LNG-fuelled container ship, CMA CGM Tivoli.

Organised at HD Hyundai Mipo in Ulsan, South Korea, on 16 June, the event marked the official entry of the fourth vessel in a series of ten specially designed for Northern Europe feeder services.

“Featuring optimised features for 45-foot containers, increased capacity for refrigerated containers, and innovative forward accommodation to enhance cargo loading and aerodynamics, CMA CGM Tivoli distinguishes itself with a high ‘length to beam" ratio to maximise hydrodynamic efficiency,” the firm said in a social media post. 

“She departed the shipyard on June 15th, 2024, bound for Busan. We wish fair winds and smooth seas to Captain Artur Dumbrov and his crew.” 

 

Photo credit: CMA CGM
Published: 21 June, 2024

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