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
12 months agoon
By
AdminThe 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.
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 exposure to Hin Leong.
An extensive coverage by Singapore bunkering publication Manifold Times regarding the fall of Hin Leong can be found below:
Related: Singapore: Hin Leong Trading Founder to testify in USD 111.7 mil cheating, forgery case
Related: Singapore: O.K. Lim, children faces liquidators and HSBC in USD 3.5 bil civil lawsuit
Related: Former PA to Hin Leong Trading Founder found lying in CAD investigations
Related: Singapore: Hin Leong Trading Founder goes to trial for cheating, forgery charges
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
Related: Ocean Bunkering Services bunker claims against ASL Marine & Offshore heads to arbitration
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
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Related: Winson Group seeks SGD 30.4 million from Standard Chartered over HLT related trade
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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
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Related: Report: Sinopec expresses interest in Hin Leong Trading stake of Universal Terminal
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Related: Singapore’s Police Force commence investigations into Hin Leong Trading
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Related: Singapore: Ocean Bunkering Services to discontinue marine fuel deliveries
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Related: Report: Hin Leong Trading finances under scrutiny, amid credit pull from two banks
Photo credit: Manifold Times
Published: 31 October, 2023
Legal
Trial against Hin Leong Trading Founder and children draws to an end
Lim Oon Kuin, also known as O.K. Lim, and his two children have agreed to pay USD 3.5 billion to the liquidators of the troubled oil trading firm but have stated they will apply for bankruptcy.
Published
2 weeks agoon
October 2, 2024By
AdminThe 50-day trial involving Founder of Hin Leong Trading, Lim Oon Kuin, also known as O.K. Lim, and his two children approached its conclusion with the trio agreeing to pay USD 3.5 billion to the liquidators of the Singapore-based defunct oil trading company Hin Leong Trading, according to The Straits Times on Tuesday (1 October).
The High Court also approved a consent judgement that the Lim family reached with HSBC Holdings which had sued them and Lim’s personal assistant Serene Seng Hui Choo for USD 85.3 million in damages.
Both cases were jointly heard in the High Court.
In the judgement reached by both parties, the family including Lim’s children, Evan Lim Chee Meng and Lim Huey Ching, have to pay the sum of USD 3.5 billion plus interest at 5.33% per annum – from April 2020 to the date of payment – and costs.
However, in written statements, the family stated they do not have enough assets to pay the claimants and will be applying for bankruptcy.
They’ve also said they are not admitting liability for the allegations against them despite consenting to the judgement.
The three were sued in August 2020 by judicial managers PricewaterhouseCoopers Advisory Services for breaching fiduciary duties as directors and fraud. In a court filing, the judicial managers were looking to recover USD 3.5 billion on top of another USD 90 million in dividends which the trio had allegedly paid themselves despite the company being insolvent.
HSBC is reportedly still pursuing its case against Seng, who is unrepresented. A two-day trial on 15 and 16 October is scheduled for HSBC's closing submissions against her to be heard.
Lim is scheduled to be sentenced on 15 October. He faces a jail term of up to 10 years and will also be liable to a fine for each charge of cheating and forgery.
An extensive coverage by Singapore bunkering publication Manifold Times regarding the fall of Hin Leong can be found below:
Related: Singapore: Convicted Hin Leong founder O.K. Lim’s mansion sold for SGD 39.2 mil
Related: Singapore: Convicted Hin Leong founder O.K. Lim to sell another bungalow for SGD 43 million
Related: Singapore: Hin Leong Trading Founder found guilty of cheating and instigating forgery charges
Related: Singapore: Hin Leong Trading Founder found guilty of cheating and instigating forgery charges
Related: Singapore: Lawyers of OK Lim and daughter accuse former PA of lying in her testimony
Related: Former PA to Hin Leong Trading Founder refutes OK Lim’s claim on his role in firm
Related: Founder OK Lim grilled by prosecutors on his involvement at Hin Leong Trading
Related: Singapore: Hin Leong Trading Founder testifies for the first time in his own defence
Related: Singapore: Hin Leong Trading Founder to testify in USD 111.7 mil cheating, forgery case
Related: Singapore: O.K. Lim, children faces liquidators and HSBC in USD 3.5 bil civil lawsuit
Related: Former PA to Hin Leong Trading Founder found lying in CAD investigations
Related: Singapore: Hin Leong Trading Founder goes to trial for cheating, forgery charges
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
Related: Ocean Bunkering Services bunker claims against ASL Marine & Offshore heads to arbitration
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: 2 October, 2024
Business
Singapore: Sentek Marine & Trading secures temporary extension of bunker licences
In early September, MPA said it will not renew the bunkering licences of Sentek, which will expire on 17 September.
Published
4 weeks agoon
September 17, 2024By
AdminThe Maritime and Port Authority of Singapore (MPA) on Tuesday (17 September) in a port marine circular (PMC) said it has extended the bunkering licences of Sentek Marine & Trading Pte Ltd (Sentek) for a limited amount of time.
“The bunker supplier and bunker craft operator licences of Sentek Marine & Trading Pte Ltd have been extended on an interim basis, pending the final disposal of the appeals by Sentek Marine & Trading Pte Ltd.,” stated PMC No. 11 of 2024.
In early September, MPA said it will not be renewing the bunkering licences of Sentek, which will expire on 17 September.
In late August, 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 (Licenses).
However, a Sentek representative told Manifold Times it is planning to appeal the High Court decision.
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: 17 September 2024
Bunker Fuel
MPA: Sentek Marine & Trading bunkering licenses to cease from 18 September
Sentek Marine & Trading must not continue to operate as a bunker supplier and bunker craft operator within Singapore Port on and from 18 September, says MPA.
Published
1 month agoon
September 5, 2024By
AdminThe Maritime and Port Authority of Singapore (MPA) on Wednesday (4 September) said it will not be renewing the bunker supplier and bunker craft operator licences of Sentek Marine & Trading Pte Ltd (Sentek), which will expire on 17 September.
“On and from 18 September 2024, Sentek Marine & Trading Pte Ltd will cease to be licensed and must not continue to operate as a bunker supplier and bunker craft operator within the Singapore Port,” MPA said in a port marine circular.
MPA 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 warned.
MPA did not state any reason for the decision of not renewing Sentek’s bunkering licences.
However, Manifold Times recently 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 (Licenses).
Both Licenses were due to expire on 28 February 2023, and Sentek applied to the MPA on 16 January 2023 for them to be renewed. After a series of further correspondence, MPA informed Sentek on 1 April 2024 the Licences would not be renewed and would expire on 31 May 2024.
The decision to not renew Sentek’s Licenses was due to alleged breaches of the terms and conditions of the Licences in 2016 and 2017.
In response to MPA’s decision of 1 April 2024, Sentek on May 2024 applied to the High Court for a mandatory order requiring MPA to consider Sentek’s bunkering licenses applications afresh while preventing the cancellation of its existing Licenses.
Permission for judicial review was later granted on 11 July 2024.
Manifold Times understands from a Sentek representative the company is planning to appeal the High Court decision.
Related: Singapore: Sentek application to quash MPA’s refusal to renew bunkering licences dismissed
Photo credit: Manifold Times
Published: 5 September, 2024
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