SINGAPORE: The founder of a failed Singapore oil trading company was sentenced Monday to nearly 18 years in jail for cheating banking giant HSBC out of millions of dollars in one of the country’s most serious cases of fraud.
Lim Oon Kuin, 82, better known as O.K. Lim, was convicted in May in a case that dented the city-state’s reputation as a top Asian oil trading hub.
His firm, Hin Leong Trading, was among Asia’s biggest oil trading companies before its sudden and dramatic collapse in 2020.
Sentencing him to 17 and a half years in jail, State Courts judge Toh Han Li said he agreed with the prosecution that the offenses had the potential to undermine confidence in Singapore’s oil trading industry.
The amount involved “stood at the top-tier of cheating cases” in the city-state, a global financial hub, he said.
The judge shaved off a year due to Lim’s age but did not give any sentencing discount on account of his health, saying the Singapore Prison Service has adequate medical facilities.
Lim, however, remained free on bail after his lawyers said they would file an appeal before the High Court.
State prosecutors had sought a 20-year jail term, saying “this is one of the most serious cases of trade financing fraud that has ever been prosecuted in Singapore.”
The defense had argued for seven years imprisonment, playing down the harm caused by Lim’s offenses and citing his age and poor health.
The businessman faced a total of 130 criminal charges involving hundreds of millions of dollars, but prosecutors tried and convicted him on just three – two of cheating HSBC, and a third of encouraging a Hin Leong executive to forge documents.
Prosecutors said he tricked HSBC into disbursing nearly $112 million by telling the bank that his firm had entered into oil sales contracts with two companies.
The transactions were, in fact, “complete fabrications, concocted on the accused’s directions,” prosecutors said, adding that his actions “tarnished Singapore’s hard-earned reputation as Asia’s leading oil trading hub.”
Lim built Hin Leong from a single delivery truck shortly before Singapore became independent in 1965.
It grew into a major supplier of fuel used by ships, and its rise in some ways mirrored Singapore’s growth from a gritty port to an affluent financial hub.
The firm played a key role in helping the city-state become the world’s top ship refueling port, observers say, and it expanded into ship chartering and management with a subsidiary that has a fleet of more than 150 vessels.
But it came crashing down in 2020 when the coronavirus pandemic plunged oil markets into unprecedented turmoil, exposing Hin Leong’s financial troubles, and Lim sought court protection from creditors.
In a bombshell affidavit seen by AFP in 2020, Lim revealed the oil trader had “in truth... not been making profits in the last few years” – despite having officially reported a healthy balance sheet in 2019.
He admitted that the firm he founded after emigrating from China had hidden $800 million in losses over the years, while it also owed almost $4 billion to banks.
Lim took responsibility for ordering the company not to report the losses and confessed it had sold off inventories that were supposed to backstop loans.
Disgraced Singapore oil tycoon sentenced to nearly 18 years for fraud
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Disgraced Singapore oil tycoon sentenced to nearly 18 years for fraud
- Lim Oon Kuin was convicted in May in a case that dented the city-state’s reputation as a top Asian oil trading hub
- His firm was among Asia’s biggest oil trading companies before its sudden and dramatic collapse in 2020
Ethiopia to name new head of Tigray interim administration: PM
“The federal government, taking into account the realities on the ground, is taking action... in order to extend the mandate of the interim government” by one year, Prime Minister Abiy Ahmed wrote on X, adding it had “also become necessary to appoint a new head of the interim administration” in Tigray to replace Getachew Reda.
Bangladesh’s Yunus heads to China for first state visit
- Yunus to seek investment in healthcare and dedicated Chinese Economic Zone
- Visit comes amid strained relations with another regional superpower, India
Dhaka: The head of Bangladesh’s interim government, Muhammad Yunus, departed on Wednesday for China, where he will meet President Xi Jinping and also mark his first bilateral state visit since assuming the role of chief adviser, his office said.
Yunus, Nobel Peace Prize laureate and economics professor, will address the Boao Forum for Asia in Hainan, southern China — an annual conference focusing on the changing role of Asia — from where he will travel to Beijing.
His bilateral with Xi is scheduled for Friday, marking their first meeting since Yunus assumed office in August 2024.
“The main focus of this visit is to boost economic cooperation … We are expecting that a number of (memoranda of understanding) will be inked during this visit. The MoUs will cover mostly the areas of economic cooperation,” Azad Majumder, Yunus’ deputy press secretary, told Arab News.
“One of the main focuses of discussion will be bringing more investments from China in our dedicated Chinese Economic Zone.”
Munshi Faiz Ahmad, Dhaka’s former envoy to Beijing, said it was significant that Yunus was choosing China for his first state visit, especially as relations with another regional superpower, India, have soured since the change in government.
India was a close ally of former Prime Minister Sheikh Hasina’s government. She has also sought refuge in New Delhi after deadly protests that unseated her last year. Until now, India has not responded to Bangladesh’s request to send her home for trial.
The situation opens the door for China — India’s key rival — to expand its footprint.
“For our interim government, this China visit is very significant. It’s the first bilateral visit to any country by Prof. Yunus as the chief adviser,” Ahmad said.
“It’s an opportunity for Bangladesh to boost the relationship with China and explore new areas of cooperation …. It’s an issue of mutual benefit for Bangladesh and China.”
Yunus’ office said he will also seek Chinese investment in healthcare and the establishment of a large hospital in Bangladesh to reduce the trend of medical tourism abroad.
Many Bangladeshis have sought treatment in neighboring India, but it has lately become difficult to obtain Indian visas.
“It has been reported that China is interested in providing a grant of $138 million for building medical facilities. If that proposal moves forward, it will be a good thing. There is a ready opportunity for China, as India is not issuing enough visas for Bangladeshis now. A lion’s share of our medical tourism can be shifted to China,” Humayun Kabir, former Bangladeshi ambassador to the US, told Arab News.
“There are opportunities to attract more investments from China. Our government is very eager in this regard. We have dedicated an economic zone for Chinese investors … Secondly, we are in need of budget support at this moment. If China provides some financial assistance, it would be of great help. Our previous regime also sought this support, but it didn’t materialize.”
Indonesia braces for annual Eid exodus as 146 million travel home
- More than 33 million people are traveling by private car, with peak traffic expected on Friday
- Over 164,000 transportation, security personnel have been deployed to oversee their safety
Jakarta: Indonesian authorities are bracing for the annual homecoming rush, as 146 million people — more than half the population — head to their hometowns for the Eid Al-Fitr holidays.
Locally known as “mudik,” the Eid exodus is one of the world’s greatest seasonal migrations, with travelers braving enormous traffic jams, thousands of kilometers and exhaustion to make it home for the holiday that marks the end of Ramadan.
“Our preparations for mudik are final, we are always working to improve our synergy across different departments, and we have come up with the best plans. Now it’s time to monitor the implementation,” Pratikno, coordinating minister for human development and cultural affairs, said at a press conference on Wednesday.
About 33 million people are expected to use private cars this year, according to a survey conducted by the transportation ministry. Nearly 25 million people will be using buses, while over 23 million others are traveling by trains.
More than 164,000 transportation and security personnel are being deployed across 2,835 locations in Indonesia to oversee the safety of the travelers.
Authorities are expecting the exodus to peak on Friday, when around 12 million people will hit the road at the last minute to reach their hometowns for the first day of Eid.
“We’ve received reports that the number of travelers is increasing, now six days before Eid, and especially on highways, there is already a 7 percent increase,” National Police Chief Listyo Sigit Prabowo said.
Mudik is often associated with hours of traffic jams, especially on the main island of Java, where the top four mudik destinations are located: Central Java, East Java, West Java and Yogyakarta.
“We are advising travelers to make the most use of incentives from the government, especially those who are traveling back to their hometowns … so that they can travel ahead and help scatter the flow of traffic,” Prabowo said.
The incentives include discounted prices for highway fees and various modes of transportation for early travelers, as well as free travel programs from regional governments.
Authorities have also prepared military helicopters and ambulances to help evacuate the wounded in case of traffic incidents.
“Besides our officers, the military will also deploy nine Hercules military planes,” Indonesian Military Chief Agus Subiyanto said. “Should it be needed, we have prepared helicopters and ambulances, as well as excavators, fire trucks and tow trucks.”
Each year, hundreds of people die on the road during the Eid exodus. More than 4,500 accidents were recorded last year, claiming the lives of at least 507 people.
Heightened security measures along Indonesia’s main roads will be in place until the end of the long holiday on April 8.
Russia launches drone attack on Ukraine port providing access to Black Sea, officials say
- The US reached separate deals on Tuesday with Ukraine and Russia to pause their attacks over the Black Sea
- The mayor of Mykolaiv said there were emergency power outages early on Wednesday in the city
Russia launched an overnight drone attack on the Ukrainian port of Mykolaiv, which provides the country with access to the Black Sea, and struck Kryvyi Rih in what Ukrainian officials said on Wednesday was the war’s biggest drone attack on the city.
The United States reached separate deals on Tuesday with Ukraine and Russia to pause their attacks over the Black Sea and against each other’s energy targets, but it was not clear when and how the deals would come into force.
The mayor of Mykolaiv said there were emergency power outages early on Wednesday in the city, following a report by the region’s governor that seven drones were destroyed overnight over the region.
It was not immediately clear whether the power cuts were precautionary or a result of the overnight attack on Mykolaiv.
Russia also attacked the central Ukrainian city of Kryvyi Rih, igniting fires and damaging buildings but causing no deaths, the head of the city’s military administration said.
The Ukrainian military said its air defense units had shot down 56 of 117 drones launched by Russia in the overnight attack. It noted that 48 drones were lost, referring to the Ukrainian military’s redirecting them with electronic warfare.
“Apparently, this is how the occupiers ‘want peace’,” Oleksandr Vilkul, the head of the military administration, wrote on the Telegram messaging app, describing it as the war’s biggest drone attack on the city. “Most importantly, there were no deaths or injuries.”
Reuters could not independently verify the reports from Mykolaiv and Kryvyi Rih. The size of the attack on Kryvyi Rih and what was targeted there were not immediately clear.
Vilkul had reported at least 15 explosions in Kryvyi Rih, President Volodymyr Zelensky’s hometown and a frequent target of Russian attacks.
There was no immediate comment from Russia, but the Russian defense ministry said that its air defense units destroyed nine Ukrainian drones overnight, including two over the waters of the Black Sea.
Kenyan UN peacekeeper missing in Haiti following gang attack
- Local media outlets in Haiti reported that the officer had been killed
- Gang violence has left more than one million people homeless in the Caribbean country
NAIROBI: A Kenyan policeman deployed in Haiti has gone missing after violent gangs attacked a group of officers on a rescue mission, a UN-backed multinational security mission said on Wednesday.
The Kenyan officers were on their way Tuesday to rescue Haitian police stuck in a ditch “suspected to have been deliberately dug by gangs,” according to the mission’s statement, adding that “specialized teams have been deployed” to search for the missing officer.
Local media outlets in Haiti reported that the officer had been killed and videos of a lifeless man clothed in Kenyan uniform were shared on social media.
Gang violence has left more than one million people homeless in the Caribbean country in recent years, according to the UN, with many crowding into makeshift and unsanitary shelters after gunmen razed their homes.
The Kenya-led force was launched last year and tasked with fighting gangs trying to seize full control of Haiti’s capital. Kenya had promised to send 1,000 officers to Haiti. Since June, 800 have been deployed.
Another Kenyan officer who was shot and killed by the gangs in Haiti in February was buried in Kenya last week. Opposition leaders in the east African country called for the mission’s officers to be better equipped.
The mission has been struggling with a lack of personnel as gangs that control 85 percent of the capital, Port-au-Prince, keep seizing more territory. The force’s funding has also been dealt a blow after the US, its biggest backer, froze some of its funding, part of President Donald Trump’s sweeping freeze on foreign assistance.
