Lim Oon KuinUS$111.7M
NO WANTED POSTERConvicted in Singapore in 2024; in custody. No poster.
#62 OF 102
Lim Oon Kuin
INDIVIDUALBORN IN 🇨🇳 CHINA ▸CASE 107 · BANK FRAUDCONVICTED
Hin Leong · 13.5 years · Singapore
US$111.7M
WHAT WAS TAKEN
What HSBC paid out on two fictitious oil sales in his conviction. Hin Leong owed 23 banks US$3.85B when it collapsed; a US$3.5B civil judgment followed.
HOW
Presented a bank with invoices for oil cargoes that were never sold, while hiding years of trading losses.
AT A GLANCE
Known as
OK Lim
Aliases
Lim Oon Kuin · O.K. Lim
Born
1942 · Putian, Fujian, China
Status
In custody since spring 2026; bankrupt since Dec 19, 2024
Court
State Courts of Singapore (District Court), Principal District Judge Toh Han Li; appeal: High Court, Justice Hoo Sheau Peng
Charges
Convicted on three charges: two of cheating (Penal Code s.420) and one of abetment by instigation of forgery for the purpose of cheating (s.468 rea…
Photo: Hin Leong file image via The Maritime Executive; rights not yet confirmed
Story
TAP TO READ FULL NARRATIVE — THE CARGO (600 WORDS)
Sources: Singapore Police Force, 18 November 2024 — sentencing statement · State Courts (District Judge Toh Han Li) — conviction 10 May 2024 · High Court (Justice Hoo Sheau Peng) — appeal, 4 March 2026 · Bloomberg and The Straits Times, 30 September 2024 — the US$3.5 billion consent judgment · Reuters, April 2020 — the collapse · Global Trade Review, Malay Mail, Manifold Times
· PROLOGUE ·
Hin Leong Trading was, for decades, one of Asia's largest independent oil traders. Its founder, Lim Oon Kuin — known in the industry as OK Lim — had built the company from a small fuel delivery business into a major trading house with operations spanning the region. When the oil price collapsed in early 2020 and Hin Leong's lenders called on the company to account for its positions, what they found was that the cargo the invoices described, in many cases, was not there.
PART ONE: HOW TRADE FINANCE WORKS AND HOW IT WAS USED
Trade finance is the mechanism by which commodity traders access credit to buy and sell cargoes. A trader presents a bank with documents — invoices, bills of lading, cargo receipts — showing a cargo in transit or awaiting shipment. The bank advances a percentage of the cargo's value against those documents. When the cargo sells, the bank is repaid. The system depends entirely on the documents being accurate.
Per the prosecution's case and the court's findings on the three charges tried, Hin Leong presented HSBC with two discounting applications for oil sales to China Aviation Oil and Unipec that had never taken place, and the bank paid out US$111.7 million against them; the company had also, by Lim's own affidavit, hidden about US$800 million in trading losses over the years. Investigators laid 130 charges in all; 127 were later withdrawn. [SOURCE: Singapore Police Force, 18 November 2024; Reuters, April 2020]
PART TWO: COLLAPSE AND CONVICTION
Hin Leong collapsed in April 2020 when it disclosed to its banks that it had been concealing losses for years. It owed about US$3.85 billion to 23 banks, HSBC the largest at about US$600 million. The collapse was one of the largest in Singapore's commodity trading history.
Lim Oon Kuin was convicted in Singapore's State Courts on 10 May 2024, after a trial of more than sixty days before Principal District Judge Toh Han Li, on two charges of cheating and one of instigating forgery for the purpose of cheating. On 18 November 2024 he was sentenced to 17 years and 6 months. On 30 September 2024 he and his two children had agreed a consent judgment to pay US$3.5 billion to Hin Leong's liquidators, and all three were declared bankrupt in December. On 4 March 2026 the High Court upheld the conviction but reduced the sentence to 13 years and 6 months; he failed to surrender and was taken into custody from a hospital weeks later. VERIFIED: charges, sentence and appeal as stated; no criminal co-defendants; the remaining 127 charges were withdrawn on 17 July 2026. [SOURCE: Singapore Police Force, 18 November 2024; Malay Mail, 4 March 2026; Manifold Times, 21 July 2026]
[SOURCE TIER: All figures in this entry sourced from Singapore court records and Singapore Business Times / Straits Times contemporaneous coverage. Label as such.]
· EPILOGUE ·
The invoices described cargo. The cargo was not there as described. The bank advanced US$111.7 million against the documents, and behind them was a company that owed US$3.85 billion and had hidden its losses for years. Singapore. Convicted 2024; thirteen and a half years.
VERIFIED SOURCES
[1] Singapore State Courts — conviction 10 May 2024; sentence 18 November 2024 (Singapore Police Force statement); High Court appeal, 4 March 2026.
[2] Singapore Business Times — the most detailed financial press coverage.
[3] Straits Times Singapore — court proceedings coverage.
[4] Reuters Singapore — English-language wire coverage.
VERIFIED: 17.5 years reduced to 13.5; two counts of cheating (s.420) and one of abetting forgery (s.468/109); HSBC paid US$111.7 million, net loss about US$85 million; no criminal co-defendants.
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Bio
BIO
IDENTITY
NAME
Lim Oon Kuin · “OK Lim”
BORN
1942 · Putian, Fujian, China
THE COMPANY
Hin Leong Trading, Singapore, founded 1963; Ocean Tankers; Universal Terminal
THE BANK
HSBC · two discounting applications for sales that never happened
THE JUDGES
Toh Han Li (trial); Hoo Sheau Peng (appeal)
CASE RECORD
CHARGED
Aug 14, 2020 · first of 130 charges
CONVICTED
May 10, 2024 · two cheating charges, one of instigating forgery
SENTENCED
Nov 18, 2024 · 17.5 years; 13.5 on appeal
STATUS
In custody since spring 2026; bankrupt since Dec 19, 2024
KNOWN AS
OK Lim
ALIASES
Lim Oon Kuin · O.K. Lim
COURT
State Courts of Singapore (District Court), Principal District Judge Toh Han Li; appeal: High Court, Justice Hoo Sheau Peng
JUDGE
Toh Han Li; Hoo Sheau Peng (appeal)
CHARGES
Convicted on three charges: two of cheating (Penal Code s.420) and one of abetment by instigation of forgery for the purpose of cheating (s.468 read with s.109), over two fictitious oil-sale discounting applications that induced HSBC to disburse US$111.7 million. 130 charges were brought in all; the other 127 were withdrawn on 17 July 2026
NOT CHARGED WITH
No criminal co-defendants; his children Evan Lim and Lim Huey Ching were civil defendants only
PLEA
Not guilty; convicted after a trial of more than 60 days — 10 May 2024
COMPANY
Hin Leong Trading (Pte) Ltd, founded 1963, Singapore; Ocean Tankers; Universal Terminal. Collapsed April 2020 owing about US$3.85 billion to 23 banks
Timeline
CASE TIMELINE
1963
Founded
Hin Leong.
SOURCE: Wikipedia
Apr 2020
Collapse
US$3.85B owed; losses admitted.
SOURCE: Reuters
May 10, 2024
Convicted
Three charges.
SOURCE: SPF
Nov 18, 2024
Sentenced
17.5 years.
SOURCE: SPF
Mar 4, 2026
Appeal
13.5 years.
SOURCE: Malay Mail
Receipts
Pictures and video from the story. Every caption gives when, where and why; tap a name to open that person’s report.
▶ WATCH1. Bloomberg Originals: 'How One of Asia's Biggest Oil Empires Collapsed'
The documentary short on Hin Leong's April 2020 collapse: US$3.85 billion owed to 23 banks, about US$800 million of losses hidden over the years by Lim's own admission, and cargo that was not there.
▶ Watch the video · Bloomberg Originals YouTube channel, 16 February 2021Video: Bloomberg · Bloomberg Originals, 'How One of Asia's Biggest Oil Empires Collapsed', 16 February 2021
▶ WATCH2. The Business Times on the day OK Lim was found guilty of two cheating charges and one of instigating forgery
After a trial of more than 60 days, Principal District Judge Toh Han Li convicted Lim over two discounting applications for oil sales to China Aviation Oil and Unipec that never happened, on which HSBC paid out US$111.7 million.
IN THIS PICTURE Lim Oon Kuin ▸
▶ Watch the video · The Business Times YouTube channel, 13 May 2024Video: The Business Times (Singapore) · The Business Times, 'OK Lim found guilty of 3 criminal charges involving US$111.7 million', 13 May 2024
▶ WATCH3. Lim, 82, is wheeled into the State Courts for his sentencing hearing
Prosecutors called it one of the most serious trade-financing frauds ever prosecuted in Singapore and sought 20 years. On 18 November 2024 he was sentenced to 17 years and 6 months; the High Court cut it to 13 years and 6 months on 4 March 2026, and he began serving it from a hospital that spring.
IN THIS PICTURE Lim Oon Kuin ▸
▶ Watch the video · The Straits Times YouTube channel, 14 October 2024Video: The Straits Times · The Straits Times, 'Hin Leong founder O.K. Lim at State Courts for sentencing hearing, to be sentenced on Nov 18', 14 October 2024
4. The State Courts of Singapore, where Lim was tried, convicted and sentenced
The octagonal State Courts building (formerly the Subordinate Courts) housed the district court trial before Judge Toh Han Li; the appeal went to the High Court, where Justice Hoo Sheau Peng reduced the sentence in March 2026.
Photo: Chensiyuan, via Wikimedia Commons · Wikimedia Commons, 'State Courts of Singapore prior to renovations - 20140714.jpg' by Chensiyuan
Operations
Where they were physically based, what they did in each place and when, and the methods they used. Tap a country or a method for its page.
THE MAP
Born in amber; operated from cyan. Tap a marker for the country page.
🇨🇳 China — born here
🇸🇬 Singapore — operated here
METHODS IN THIS CASE: #46 Invoice / Procurement Fraud — Fictitious invoices presented to a bank · #49 Trade-Based Money Laundering — Trade-finance fraud on oil cargoes
WHAT THEY DID HERE: 1963–2020 — Builds Hin Leong into one of Asia's largest oil traders; hides ~US$800M in losses. · 10 May 2024 — Convicted in the State Courts on two cheating charges and one of instigating forgery. · 18 Nov 2024 — Sentenced: 17.5 years; reduced to 13.5 on appeal, 4 Mar 2026.
OPERATED FROM
Where they were physically based or worked. Tap a country for its page.
🇸🇬 Singapore ▸1963–2020Builds Hin Leong into one of Asia's largest oil traders; hides ~US$800M in losses.SOURCE: Reuters
10 May 2024Convicted in the State Courts on two cheating charges and one of instigating forgery.SOURCE: Singapore Police Force
18 Nov 2024Sentenced: 17.5 years; reduced to 13.5 on appeal, 4 Mar 2026.SOURCE: SPF; Malay Mail
METHODS USED
Tap a method to see where it came from and everyone who used it.
Invoice / Procurement FraudFictitious invoices presented to a bank ▸Trade-Based Money LaunderingTrade-finance fraud on oil cargoes ▸Sources
SOURCES
[1] PRIMARY — Singapore Police Force statement (Nov 18, 2024); State Courts conviction (May 10, 2024)
[2] SECONDARY — Malay Mail / Yahoo (Mar 4, 2026); Bloomberg and The Straits Times (Sep 30, 2024); Manifold Times (Jul 21, 2026)
[3] SECONDARY — Reuters (Apr 16, 2020); Global Trade Review; S&P Global
More
KEY FACTS
LIM OON KUIN
THE CARGO · HIN LEONG · CASE 107 · BANK FRAUD · CONVICTED MAY 2024 · 13.5 YEARS ON APPEAL · SINGAPORE
THE CONVICTION
US$111.7M paid by HSBC on two fictitious oil sales
THE DEBT
US$3.85B owed to 23 banks at the collapse
CIVIL
US$3.5B consent judgment · Sep 30, 2024
SENTENCE
17.5 years (Nov 18, 2024) → 13.5 on appeal (Mar 4, 2026)
HIDDEN
~US$800M in losses, by his own affidavit
CHARGES
130 laid; 3 tried; 127 withdrawn Jul 2026
CONVICTED in Singapore’s State Courts on May 10, 2024; the High Court upheld it and cut the sentence on Mar 4, 2026. Never write “$3.5B in fraudulent financing”: US$111.7M is the criminal figure, US$3.5B the civil judgment, US$3.85B the debt.
THE HIN LEONG CASE
THE CHILDRENCIVIL
Evan Lim; Lim Huey Ching
Directors
Party to the US$3.5B judgment; bankrupt.
SOURCE: Bloomberg
THE BANKVICTIM
HSBC
Largest lender
US$111.7M paid; ~US$85M net loss.
SOURCE: SPF
THE COUNTERPARTIESNAMED
China Aviation Oil; Unipec
The fictitious buyers
Sales that never happened.
SOURCE: SPF
THE TRADE-FINANCE SETCASE 017
Evaldas Rimasauskas
Fake invoices
The same document, a different desk.
SOURCE: Series
OPEN THEIR REPORT ▸OPEN REPORT ▸
HOW IT WORKED
TRADE FINANCE — PRINCIPLE ONLY
01
The document: An invoice for a cargo
02
The advance: The bank pays against it
03
The cargo: Not there, or sold twice
04
The hole: Years of losses behind the paper
PAPER FOR OIL
Hide the losses
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Invoice a sale
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Draw the money
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Collapse
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13.5 years
WHAT THIS CASE ESTABLISHED
The invoices described cargo. The cargo was not there.
Series link: Case 017.