Crime

Singapore: Hin Leong Trading Founder to testify in USD 111.7 mil cheating, forgery case

Lim Oon Kuin will take the stand on 30 October onwards to defend himself against criminal charges involving Hongkong and Shanghai Banking Corporation and a Hin Leong contracts executive.

Published

11 months ago

October 16, 2023

Admin

The Singapore High Court Court on Friday (13 October) heard Hin Leong Trading (Pte) Ltd Founder Lim Oon Kuin, who is accused of alleged forgery charges involving USD 111.7 million (SGD 148.7 million), will be testifying in his own defence, according to a CNA report.

Lim will take the stand on 30 October onwards, for about two to three days after the judge said there was evidence to satisfy each element of the charges and called on Lim to give evidence.

More than 100 other charges against Lim have been put on hold while this trial is in progress.

The 81-year-old went on trial when prosecution proceeded on three charges out of the total of 130 charges: 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.

Lim and his two children are facing the liquidators of Hing Leong and HSBC Holdings in a separate civil lawsuit trial.

Mr Goh Thien Phong and Mr Chan Kheng Tek, the liquidators, are suing Lim, his son Evan Lim Chee Meng and daughter Lim Huey Ching to recover USD 3.5 billion (SGD 4.7 billion) in alleged debt and USD 90 million in dividends they allegedly paid themselves.

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

Photo credit: Manifold Times
Published: 16 October, 2023

Related Topics:Business - Events Legal - Crime

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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 week ago

September 5, 2024

Admin

The 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

Business

Singapore: Sentek application to quash MPA’s refusal to renew bunkering licences dismissed

Manifold Times understands from a Sentek representative the company is planning to appeal the High Court decision.

Published

2 weeks ago

August 30, 2024

Admin

The General Division of the High Court on Tuesday (27 August) dismissed an application from Sentek Marine & Trading Pte Ltd (Sentek) to quash the Maritime and Port Authority of Singapore (MPA)’s refusal to renew its bunker supplier and bunker craft operator licenses (Licenses).

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.

Concerned with potential reputational damage to Singapore as a trusted bunkering hub, MPA started its own investigations to find out if Sentek had complied with the terms and conditions of the Licences relating to the maintenance of correct and accurate records.

Permission for judicial review was later granted on 11 July 2024.

In court, Sentek argued the alleged breaches were technical, isolated and virtually unpreventable while stating there was no systemic flaw of the company itself, according to documents procured by Manifold Times.

“To the contrary, the alleged breaches were caused by ex-employees going on a frolic of their own and it is not reasonable for MPA to assert that its decision was entirely independent of the Bukom Theft,” it argued.

The High Court discovered Sentek’s existing measures could not show it had established a system which could ordinarily detect employees who had embarked on a frolic of their own.

It also found Sentek did not explain how its enhanced measures would prevent falsification or manipulation of records in the future.

Amongst other reasons, the High Court found “no procedural impropriety” from MPA and dismissed Sentek’s original application.

Note: Sentek is currently still included in MPA’s ‘List of licensed bunker suppliers in the Port of Singapore’ and ‘List of licensed bunker craft operators in the Port of Singapore’ during a check by Manifold Times on 30 August 2024.

Manifold Times understands from a Sentek representative the company is planning to appeal the High Court decision.

Photo credit: Manifold Times
Published: 30 August 2024

Legal

Shell MGO bunker heist: Ex-Shell employees sentenced to more than 23 years in prison each

Muzaffar Ali Khan Muhamad Akram, 42, was given a 26½ years’ jail sentence, while Koh Choon Wei, 40, was sentenced to 23½ years’ jail.

Published

1 month ago

August 5, 2024

Admin

Two former Shell employees, who were involved in the conspiracy to misappropriate gas oil from Shell Pulau Bukom refinery, were slapped with a jail term of more than 23 years each, according to The Straits Times.

Muzaffar Ali Khan Muhamad Akram, 42, was given a 26½ years of jail, while Koh Choon Wei, 40, was sentenced to 23½ years of jail.

Muzaffar pleaded guilty to 31 charges for abetting the commission of criminal breach of trust, using his criminal benefits and corruption-related offences.

Koh Choon Wei pleaded guilty to 21 charges for abetting the commission of criminal breach of trust and using his criminal benefits.

Muzaffar, who played a role in misappropriating gas oil worth nearly $120 million, made at least $1.3 million in profits while Koh benefitted at least $1 million from his role in misappropriating gas oil worth over $101 million.

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