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No more charges against Hin Leong founder OK Lim

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SINGAPORE: A further 23 charges were laid in court on Friday (April 30) against Lim Oon Kuin, the founder of the collapsed oil trading company Hin Leong Trading.

Singapore police last year charged the 79-year-old former oil mogul, better known as OK Lim, with two counts of counterfeiting for the purpose of cheating.

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Lim appeared in court on Friday after three previous attempts by the prosecution to bring him to court to have the additional charges read to him.

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Dressed in a black cap, brown jacket, light-colored shirt, and black pants, the frail-looking Lim arrived in a van and had to be propped up in a wheelchair. His head was down most of the time and he did not respond to any questions asked by a Reuters reporter before leaving court.

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Owned by OK Lim and his children Evan Lim and Lim Huey Ching, Hin Leong was established in 1973 and was once one of Asia’s leading oil traders.

The company failed in a year-long effort to restructure around $ 3.5 billion in debt after the oil crash caused by COVID-19 revealed huge losses.

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Lim admitted in a court document last year that he ordered the company not to disclose hundreds of millions of dollars in losses over several years.

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