Founder of Singapore oil trading firm Hin Leong faces another 23 forgery charges

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Lim Oon Kuin, the founder of the collapsed oil trading firm Hin Leong Trading Pte Ltd, is expected to face another 23 charges of forgery-related offences soon, Singapore’s prosecution said.

The 23 charges are expected to be tendered on April 8, Deputy Public Prosecutor Navin Naidu told a Singapore court on Monday.

The Singapore Attorney-General’s Chambers confirmed the prosecutor’s comments.

The Lim family’s legal advisers, Davinder Singh Chambers LLC, did not immediately respond to an emailed request for comment.

Last year, Singapore police charged the 78-year-old former oil tycoon, better known as O.K. Lim, with two counts of abetment of forgery for the purpose of cheating.

Owned by O.K. Lim and his children, Hin Leong was set up in 1973 and was once one of Asia’s top oil traders. It racked up some $4 billion in debt after a crash in oil prices last year exposed years of losses and alleged fraud by the Lim family.

Accounting firm PwC, which was appointed Hin Leong‘s judicial manager by the court, said in a report last year the company had overstated the value of its assets by at least $3 billion.

Hin Leong entered court restructuring last year and was wound up in March.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.