SINGAPORE: The founder of failed oil trading firm Hin Leong Trading was on Friday ( May 10 ) convicted of cheating , the Hongkong and Shanghai Banking Corporation ( HSBC ) and abetting forgery.
Lim Oon Kuin, much known as Sure Lim, will return to court for punishment in October. The 82- yr- ancient is represented by doctors from Davinder Singh Chambers.
Two fictitious transactions  were involved in the case, including the submission of forged documents and the sale of oil to China Aviation Oil ( Singapore ) Corporation and Unipec Singapore, which caused HSBC to loan Hin Leong millions of dollars.  ,
Based on the three claims that the trial advanced against out of the more than 100 ones that Lim faced, this amounted to at least US$ 111 million.
The test,  , which started last April, centred on , who had directed Hin Leong team to create the files that made it seem like the fuel trader had entered into the two purported purchases.
Principal District Judge Toh Han Li, who delivered the ruling on Friday, determined Lim had instructed his employees to allegedly build the files for the false transactions from March 2020.
The judge added that Lim knew it was wrong to send a discount application for a deal that had not been completed and that he had “dishonest intent” when he instructed his staff to prepare the documents.
When a seller” sells” unpaid payments to a financial institution and usually receives a slightly discounted upfront payment when the seller’s payment term would then simply receive payment from the customer at a later time, refers to accounts receivable funding.
The bank would pay the seller the invoice amount and impose a fee for the transaction if the discounting application was approved.