SUBSCRIBE
PROFILE

Singapore: 17 Years in Prison for Former Oil Tycoon O.K. Lim in $100 Million Fraud

O.K. Lim, a former oil tycoon in Singapore, has been sentenced to 17 and a half years in prison for a massive financial fraud that defrauded HSBC of $100 million, tarnishing the city-state's commercial reputation.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

SUBSCRIBE - 99$/year

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

Singapore’s justice system delivered its verdict on Monday in a historic financial fraud case involving Lim Oon Kuin, also known as O.K. Lim. The former founder of Hin Leong Trading, one of Asia’s largest oil trading firms, was sentenced to 17 and a half years in prison for orchestrating a $100 million scam against HSBC.

The 82-year-old businessman was found guilty in May 2024 on three charges, including document falsification and deceit to secure fraudulent financing. Prosecutors had initially sought a 20-year sentence, describing the case as “one of the most serious financial frauds ever prosecuted in Singapore.” Despite his advanced age and health concerns raised by the defense, the court ruled that the prison system is equipped to manage his medical needs.

An Oil Empire in Decline

Once a pillar of Asian oil trading, Hin Leong Trading saw its reputation collapse in 2020 amidst the COVID-19 pandemic and global oil market upheavals. The company’s downfall exposed dubious financial practices, including the concealment of $800 million in losses and debts nearing $4 billion.

In a 2020 sworn statement, O.K. Lim admitted that Hin Leong Trading had not generated profits for several years, contrary to the financial statements published in 2019. Prosecutors revealed that Lim had instructed the concealment of these losses, exacerbating the company’s financial distress and misleading creditors.

A Sophisticated Fraud and Its Repercussions

The charges against O.K. Lim focused primarily on fictitious oil sale contracts created to fraudulently obtain funds from HSBC. These entirely fabricated transactions allowed the former tycoon to secure nearly $112 million from the bank. The court described these fraudulent activities as having “seriously tarnished” Singapore’s reputation as a key hub for Asian oil trading.

Although Lim pleaded guilty to certain charges, he remains free on bail pending the review of his appeal by the High Court. This sentencing sends a strong message from Singapore’s justice system in its fight against financial crimes, reaffirming its commitment to preserving the integrity of its financial and commercial sectors.

  • Popular on energynews.pro
Nordex secures 200 MW contract for wind farm in Canada
Enel acquires two onshore wind farms in Germany for €80mn in strategic move
Pivot Energy secures $225mn to develop 60 new community solar projects
Lummus and Advanced Ionics launch pilot plant for green hydrogen in Texas
Niger signs strategic deal with Russia to revive uranium mining
Subsea 7 extends Equinor contract for subsea services in Norway
Subsea 7 has secured a new extension of its frame agreement with Equinor for subsea inspection, maintenance and repair services through 2027, deploying the Seven Viking vessel on the Norwegian Continental Shelf.
Iran offers support to Venezuela after oil tankers seized by Washington
Caracas says Iran has offered reinforced cooperation after the interception of two ships carrying Venezuelan crude, amid escalating tensions with the United States.
Washington seizes second Venezuela-linked oil tanker in the Caribbean
US authorities intercepted a second oil tanker carrying Venezuelan crude, escalating pressure on Caracas amid accusations of trafficking and tensions over sanctioned oil exports.
California Resources finalises asset transfer with Berry Corporation for $253mn
California Resources Corporation completed an all-stock asset transfer with Berry Corporation, strengthening its oil portfolio in California and adding strategic exposure in the Uinta Basin.
Uganda seeks $2 billion loan from Vitol for oil infrastructure projects
The Ugandan government aims to authorise its national oil company to borrow $2 billion from Vitol to fund strategic projects, combining investments in oil infrastructure with support for national logistics needs.
Meg O’Neill takes over BP to refocus the group on hydrocarbons
British company BP appoints Meg O'Neill as CEO to lead its strategic refocus on fossil fuels, following the abandonment of its climate ambitions and the early departure of Murray Auchincloss.
Venezuelan oil: Caracas maintains exports despite US naval blockade
The Venezuelan national oil company has confirmed the continuity of its crude exports, as the United States enforces a maritime blockade targeting sanctioned vessels operating around the country.
Baker Hughes signs multi-year contract to equip Kuwait’s oilfields
Baker Hughes will supply advanced artificial lift systems to Kuwait Oil Company to enhance production through integrated digital technologies.
Trump imposes total blockade on sanctioned tankers bound for Venezuela
The United States has implemented a full blockade on sanctioned tankers linked to Venezuela, escalating restrictions on the South American country's oil flows.
Fuel consumption declines in France with sharp drop in diesel
Deliveries of energy petroleum products fell by 4.5% in November, driven down by a sharp decline in diesel, while jet fuel continues its growth beyond pre-pandemic levels.
ReconAfrica prepares production tests after promising results in Namibia
ReconAfrica is finalising preparations to test the Kavango West 1X well in Namibia, while expanding its portfolio in Angola and Gabon to strengthen its presence in sub-Saharan Africa.
Shell restarts sale of its stake in Schwedt refinery
Shell has reopened a divestment process for its 37.5% stake in Germany's PCK Schwedt refinery, reviving negotiations disrupted by the Russia-Ukraine conflict and Western sanctions.
Dangote escalates oil dispute with Nigerian regulator over fuel imports
Aliko Dangote accuses Nigeria’s oil regulator of threatening local refineries by enabling refined fuel imports, while calling for a corruption probe against its director.
Shell launches assisted recovery project at Kaikias in the Gulf of America
Shell Offshore approves a strategic investment to extend the life of the Kaikias field through a waterflood operation, with first injection planned for 2028 from the Ursa platform.
US crude falls below $55 per barrel, lowest level since 2021
Oil prices drop amid progress in Ukraine talks and expectations of oversupply, pushing West Texas Intermediate below $55 for the first time in nearly five years.
Phillips 66 sets $2.4bn investment budget for 2026
The US energy group plans to allocate $1.3bn to growth and $1.1bn to asset maintenance, with a specific focus on natural gas liquids and refining projects.
PDVSA denounces cyberattack targeting its administrative systems in Venezuela
Venezuelan state oil group PDVSA claims it was targeted by a cyberattack attributed to foreign interests, with no impact on main operations, amid rising tensions with the United States.
BUTEC secures XOF26bn financing for two thermal power plants in Burkina Faso
BUTEC has finalised the financing of a 50 MW emergency power project in Burkina Faso, structured under a BOOT contract and backed by Banque Centrale Populaire Group.
BW Energy signs 10-year lease for Maromba B platform with MSFL
BW Energy has signed a long-term lease agreement with Minsheng Financial Leasing for its Maromba B platform, covering $274mn of the project’s CAPEX, with no payments due before first oil.
Shell to resume exploration on Namibia’s PEL 39 with five new wells planned for 2026
Shell will restart offshore exploration on Namibia’s PEL 39 block in April 2026 with a five-well drilling programme targeting previously discovered zones, despite a recent $400mn impairment.

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

START - 99$/year

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.