Crime

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

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.

Published

1 year ago

October 31, 2023

Admin

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

Legal

Shell MGO bunker heist: Man sentenced to jail for hindering police investigations

Wong Wai Seng was reportedly sentenced to two months’ jail for lying to police on the whereabouts of three bunker clerks involved in the heist and relaying instructions for them to stay out of Singapore.

Published

1 week ago

February 3, 2025

Admin

A man, who was an operations executive with Singapore-based Sentek Marine & Trading (Sentek), was sentenced to two months’ jail on Friday (31 January), according to CNA.

Wong Wai Seng lied to police about the whereabouts of three bunker clerks involved in the Shell Pulau Bukom fuel heist.

Wong pleaded guilty to one charge of perverting the course of justice while four charges of abetting corruption by giving the bunker clerks bribes to remain outside of Singapore and avoid investigations were considered in sentencing.

Manifold Times previously reported three bunker clerks, previously employed by Sentek, being charged in Court for offences under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA) and the Prevention of Corruption Act (PCA).

They were Singaporeans Wong Kuin Wah, Wong Wai Meng, and Boo Pu Wen.

It was alleged that Wai Meng, Kuin Wah and Pu Wen intentionally aided Sentek in acquiring property which was another person’s benefits from criminal conduct, by assisting to receive on board their respective vessels, gasoil which had been dishonestly misappropriated from Shell Eastern Petroleum (Pte) Ltd’s facility (Shell Pulau Bukom).

They were charged for offences under Section 47(3) of the CDSA, read with Section 109 of the Penal Code, and punishable under Section 47(6)(a) of the CDSA.

CNA reported that Wai Seng relayed instructions from Sentek’s managing director Pai Keng Pheng to the bunker clerks including instructing them to leave Singapore in January 2018. This resulted in Wai Meng, who is Wai Seng’s brother, leaving for Medan.

Wong also told Boo and Wong Kuin Wah who were on board different Sentek vessels, to not return to shore.

On Pai's instructions, Wong also told the bunker clerks to throw away their work phones, which contained messages relating to the fuel heist.

The trio remained in hiding at D'Merlion Hotel in Batam for almost three years until January 2021, when they returned to Singapore and were arrested.

Wong Wai Meng was sentenced to seven years, four months and two weeks’ jail for helping the company acquire more than 28,000 metric tonnes (mt) of the misappropriated fuel worth USD 13.58 million (SGD 18.26 million)

Meanwhile, Wong Kuin Wah was sentenced to seven years and six months’ jail on 18 November for his role in misappropriating more than 27,000 tonnes of gas oil worth around USD 12.8 million (SGD 17.2 million).

The third individual who was charged, Boo Pu Wen, reportedly passed away in July 2023 and had his charges abated following his death, meaning Boo’s court proceedings over his 19 charges at the time came to an end.

Former Shell employees, who were key members of a group who dishonestly misappropriated fuel from Shell Pulau Bukom, were sentenced to jail in court earlier.

Earlier coverage of developments by Manifold Times regarding the Shell MGO bunker heist can be found below:

Photo credit: Sora Shimazaki
Published: 3 February, 2025

Bunker Fuel

MPA: Sentek Marine & Trading bunkering licenses to expire on 3 February

Sentek will cease to be licensed from 3 February 2025 at 4pm and must not continue to operate as a bunker supplier and bunker craft operator within the Singapore Port, says MPA.

Published

3 weeks ago

January 21, 2025

Admin

The Maritime and Port Authority of Singapore (MPA) on Monday (20 January) said the bunker supplier and bunker craft operator licences of Sentek Marine & Trading Pte Ltd (Sentek) will expire at 4pm on 3 February 2025.

“From 3 February 2025, 4pm, Sentek Marine & Trading Pte Ltd will cease to be licensed and must not continue to operate as a bunker supplier and/or bunker craft operator within the Singapore Port,” MPA said in Port Marine Circular No 2 of 2025.

On 4 September 2024, MPA initially said it would not be renewing the bunkering licences of Sentek, which would expire on 17 September and the company would cease to be licensed on and from 18 September.

However, later, MPA announced it has extended the bunkering licences of Sentek for a limited amount of time, “pending the final disposal of the appeals” by the company.

In late August last year, Manifold Times reported the General Division of the High Court dismissing an application from Sentek to quash MPA’s refusal to renew its bunker supplier and bunker craft operator licenses.

At the time, a Sentek representative told Manifold Times it was planning to appeal the High Court decision.

MPA also reminded all bunker licensees, including bunker suppliers and bunker craft operators, to comply strictly with all the terms and conditions of the respective bunker licence(s).

“MPA will not hesitate to take firm action against any licensee that contravenes any of its bunker licence terms and conditions, including taking into account such contraventions in considering whether to renew the bunker licence(s), suspending or cancelling the bunker licence(s), and/or taking enforcement action against any such bunker licensee,” it said.

Related: Singapore: Sentek Marine & Trading secures temporary extension of bunker licences
Related: MPA: Sentek Marine & Trading bunkering licenses to cease from 18 September
Related: Singapore: Sentek application to quash MPA’s refusal to renew bunkering licences dismissed

Photo credit: Manifold Times
Published: 21 January, 2025

Legal

Singapore: Charges against Founder of Zenrock abated following his death

Xie Chun and his former Operations Executive, Zhang Taiming, were charged in 2022 for offences relating to cheating, criminal breach of trust, and forgery involving more than USD105 million.

Published

4 weeks ago

January 16, 2025

Admin

Singapore’s court proceedings over multiple charges against the founder of Singapore-based oil trading firm Zenrock Commodities have come to an end following his death, The Straits Times reported on Wednesday (15 January).

The charges against Xie Chun, who was accused of several offences including cheating, were abated after a pre-trial conference on 9 January.

An Attorney-General’s Chambers spokesperson told The Straits Times that the criminal charges against were abated following an application of the defence after Xie Chun passed away on 3 January.

No details of his death were revealed by the spokesperson.

In 2020, HSBC accused Zenrock of dishonestly obtaining multiple sources of financing for crude cargoes.

HSBC filed a court application on 4 May to place Zenrock under judicial management, a form of debt restructuring, to recover funds it said it is owed.

In 2022, Singapore Police Force charged Xie, who was also the former Director of Zenrock, and his former Operations Executive, Zhang Taiming, for offences relating to cheating, criminal breach of trust, and forgery involving more than USD105 million.

Investigations by the Commercial Affairs Department of the SPF revealed that sometime between February and March 2020, Xie and Zhang Taiming had allegedly used forged documents to cheat the Bank of China Limited (Singapore) of a sum of USD54 million.

Both Xie and Zhang Taiming are also alleged to have committed criminal breach of trust by dishonestly re-assigning to the Bank of China Limited (Singapore) the proceeds from a sale of cargo oil that it had charged to Hongkong and Shanghai Banking Corporation Limited (Singapore) and cheated Credit Agricole Corporate & Investment Bank of a sum of USD17 million.

A complete coverage of the events leading to the liquidation of ZenRock Commodities Trading has been arranged by Singapore bunker publication Manifold Times (in descending date order) below:

Related: Liquidators issue notice of intended dividend for ZenRock Commodities Trading
Related: Liquidators of Zenrock Commodities announce intended dividend to creditors
Related: Zenrock Commodities files for winding up order, hearing date set
Related: Singapore: High Court grant HSBC’s request to place Zenrock under judicial management
Related: Singapore: Troubled Zenrock Commodities rumoured to be winding down in August
Related: Update: Hearing date set for HSBC application to place Zenrock under judicial management
Related: Zenrock assents to HSBC’s application for it to be placed under judicial management
Related: Argus Media: HSBC accuses Singapore’s Zenrock of ‘suspicious’ trades
Related: HSBC accuses Zenrock of fraudulent dealings, files for legal action amid credit concerns
Related: Winson Group and ZenRock Commodities reassure fiscal stability despite Hin Leong fiasco

Photo credit: Ekaterina Bolovtsova
Published: 16 January, 2024

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