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
Sun Village connects its first BESS unit and strengthens partnership with Marubeni
Oman bets on cobalt and nickel catalysts to boost green hydrogen
Egypt and UAE join forces to connect electricity to Europe
Trina Storage unveils 6.25 MWh storage system in Saudi Arabia
Finland leads race to host first Nordic fusion reactor, report finds
The United States keeps 50% duties if India buys Russian crude
Washington ties the removal of additional duties to a verifiable decline in India’s imports of Russian crude, while New Delhi cites already-committed orders and supply stability for the domestic market.
China cuts its oil surplus to 570,000 barrels per day and prepares a cycle of strategic purchases
The decline in imports and the rise in refining in September reduced China’s crude surplus to its lowest in eight months, opening the way for tactical buying as Brent slips below 61 dollars.
Zhou Xinhuai leaves CNOOC
Chinese executive Zhou Xinhuai, 54, resigned from his post as chief executive of CNOOC Limited after holding the role since April 2022. A strategic reorganization is underway.
SM Energy secures $3bn borrowing base with unanimous lender approval
Texas-based SM Energy gains full support from its banking syndicate, maintaining a $3bn borrowing base and easing short-term debt maturity terms.
Aker BP and Halliburton complete first umbilical-less subsea tubing hanger installation
Halliburton and Aker BP have completed the first umbilical-less tubing hanger installation on the Norwegian continental shelf, paving the way for digitised offshore operations with reduced infrastructure.
McDermott completes first subsea project for TotalEnergies in Angola
The US group has finalised operations at the Begonia field, marking its first offshore deepwater intervention in Angola’s Block 17/06, located 150 kilometres off the coast.
Jihadist blockade in Mali disrupts fuel supply and electricity production
Prolonged attacks on fuel convoys have depleted stocks, destabilised power generation and disrupted economic activity in Bamako and surrounding regions.
Dangote cuts crude purchases in response to rising global prices
Nigerian group Dangote has reduced crude supply to its refinery, citing a strategic adjustment to high oil prices and denying any technical failure.
Reliance Industries posts $2.06bn net profit in second quarter
Reliance Industries reported a 9.67% increase in net profit in the second quarter of fiscal year 2025–2026, driven by recovering petrochemical margins and continued growth in its retail and telecom operations.
Fire temporarily halts operations at BP’s 440,000 bpd Whiting refinery
An operational fire was contained at the largest refinery in the US Midwest, causing a temporary shutdown of several processing units, according to industry data.
EU bans co-processing to block imports of Russian oil products
The European Commission imposes new rules requiring proof of refined crude origin and excludes the use of mass-balancing to circumvent the Russian oil ban.
Russia definitively ordered to pay $50bn to former Yukos shareholders
The Dutch Supreme Court has rejected Russia's final appeal, confirming a record $50bn compensation to former Yukos shareholders, ending two decades of legal battle.
Namibia High Court confirms ethical breach by NBC in ReconAfrica case
A ruling by Namibia's High Court upheld the media regulator’s decision that the state broadcaster NBC failed to ensure balance in its coverage of ReconAfrica’s oil operations.
CES Energy raises $75mn through bond issuance to strengthen financial structure
The Canadian oilfield services provider announced a $75mn private placement of 6.875% senior unsecured notes to refinance bank debt and support operations.
US crude oil inventories rise by 3.5 million barrels against expectations
Commercial crude reserves in the United States posted an unexpected increase, reaching their highest level in over a month due to a marked slowdown in refinery activity.
China rejects US pressure over Russian oil imports
Beijing calls Donald Trump's request to stop importing Russian crude interference, denouncing economic coercion and defending what it calls legitimate trade with Moscow.
Trump reignites tensions over India’s imports of Russian oil
India faces mounting pressure from the United States over its purchases of Russian oil, as Donald Trump claims Prime Minister Narendra Modi pledged to halt them.
Three Crown expands horizontal drilling programme in the Powder River Basin
Three Crown Petroleum has started production from its Irvine 1NH well and plans two new wells in Wyoming, marking a notable acceleration of its deployment programme in the Powder River Basin through 2026.
IMF forecasts oil to fall to $68 in 2025 amid tariff-driven slowdown
The International Monetary Fund expects oil prices to weaken due to sluggish global demand growth and the impact of US trade policies.
US conservatives push legal shield for oil industry amid climate lawsuits
With lawsuits multiplying against oil majors, Republican lawmakers are seeking to establish federal immunity to block legal actions tied to environmental damage.

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.