SINGAPORE, Nov 18 — Lim Oon Kuin, the 82-year-old founder of the collapsed Singapore oil trading firm Hin Leong Trading, was today sentenced to 17-and-a-half years in prison for fraud involving at least US$111.7 million (S$150 million).

Lim, also known as OK Lim, was convicted on two charges of cheating HSBC and one count of abetting forgery, Singapore news outlets reported.

The prosecution described his actions as one of Singapore’s most serious trade financing frauds.

The case involved fraudulent oil transactions and forged documents that led HSBC to disburse the loans to Hin Leong.

Despite facing over 100 charges, Lim contested most but was found guilty of orchestrating the fraudulent transactions in March 2020.

He had directed Hin Leong employees to forge documents that made it appear as though the company had entered into legitimate oil sales deals.

At the time of the offences, Lim was managing director and 75 per cent shareholder of Hin Leong.

Prosecutors pushed for a 20-year sentence, arguing that Lim’s actions undermined trust in Singapore’s oil trading sector.

But Lim’s lawyers asked for a seven-year term, citing his age and medical conditions, including anxiety, coronary artery disease, and cognitive impairment.

Lim plans to appeal the sentence.

The case also included a civil trial, where Lim and his family agreed to a US$3.5 billion judgment in a lawsuit filed by liquidators.

Last September, Lim and his children declared their intention to file for bankruptcy, citing insufficient assets to settle their debts.