It is a deterrent sentence, says the court, given that Lim has hurt Singapore’s standing as a bunkering and financial services hub
LIM Oon Kuin has been sentenced to 17 years and six months’ imprisonment on three charges of cheating and forgery.
In the sentencing hearing on Monday (Nov 18), District Judge Toh Han Li noted the need for a deterrent sentence because Lim – better known as OK Lim – had damaged Singapore’s standing as a bunkering and financial services hub and undermined the public’s confidence in the sectors.
Lim initially faced a total of 130 criminal charges of forgery and cheating involving a collective sum of US$2.7 billion; three charges were proceeded upon, and in May, he was convicted on all three of them.
The prosecution had sought a total of 20 years’ jail – the maximum sentence of 10 years for each of the cheating charges, and nine years for the forgery charge.
Lim’s defence counsel had sought seven years’ jail instead, arguing that given Lim’s advanced age – 82 – a long sentence could be akin to a life sentence. The judge disagreed, given the gravity of the offences, and said that “no more than one year’s discount should be granted”.
Two charges against Lim were for cheating HSBC; the third was for instigating a contracts executive of Hin Leong to forge a document for the ultimate purpose of cheating. The charges involved a total of US$111.7 million.
The embattled billionaire has said, in an earlier hearing with the liquidators of his oil trading company Hin Leong, that he would appeal against the conviction.
Lim and his children had agreed to pay the liquidators US$3.5 billion, and agreed to pay other creditors to focus on the appeal and their suit with law firm Rajah and Tann.
Lim is still out on bail.
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