SINGAPORE: The founder of a failed Singapore oil trading company was sentenced Monday to nearly 18 years in jail for cheating banking giant HSBC out of millions of dollars in one of the country’s most serious cases of fraud.
Lim Oon Kuin, 82, better known as O.K. Lim, was convicted in May in a case that dented the city-state’s reputation as a top Asian oil trading hub.
His firm, Hin Leong Trading, was among Asia’s biggest oil trading companies before its sudden and dramatic collapse in 2020.
Sentencing him to 17 and a half years in jail, State Courts judge Toh Han Li said he agreed with the prosecution that the offenses had the potential to undermine confidence in Singapore’s oil trading industry.
The amount involved “stood at the top-tier of cheating cases” in the city-state, a global financial hub, he said.
The judge shaved off a year due to Lim’s age but did not give any sentencing discount on account of his health, saying the Singapore Prison Service has adequate medical facilities.
Lim, however, remained free on bail after his lawyers said they would file an appeal before the High Court.
State prosecutors had sought a 20-year jail term, saying “this is one of the most serious cases of trade financing fraud that has ever been prosecuted in Singapore.”
The defense had argued for seven years imprisonment, playing down the harm caused by Lim’s offenses and citing his age and poor health.
The businessman faced a total of 130 criminal charges involving hundreds of millions of dollars, but prosecutors tried and convicted him on just three – two of cheating HSBC, and a third of encouraging a Hin Leong executive to forge documents.
Prosecutors said he tricked HSBC into disbursing nearly $112 million by telling the bank that his firm had entered into oil sales contracts with two companies.
The transactions were, in fact, “complete fabrications, concocted on the accused’s directions,” prosecutors said, adding that his actions “tarnished Singapore’s hard-earned reputation as Asia’s leading oil trading hub.”
Lim built Hin Leong from a single delivery truck shortly before Singapore became independent in 1965.
It grew into a major supplier of fuel used by ships, and its rise in some ways mirrored Singapore’s growth from a gritty port to an affluent financial hub.
The firm played a key role in helping the city-state become the world’s top ship refueling port, observers say, and it expanded into ship chartering and management with a subsidiary that has a fleet of more than 150 vessels.
But it came crashing down in 2020 when the coronavirus pandemic plunged oil markets into unprecedented turmoil, exposing Hin Leong’s financial troubles, and Lim sought court protection from creditors.
In a bombshell affidavit seen by AFP in 2020, Lim revealed the oil trader had “in truth... not been making profits in the last few years” – despite having officially reported a healthy balance sheet in 2019.
He admitted that the firm he founded after emigrating from China had hidden $800 million in losses over the years, while it also owed almost $4 billion to banks.
Lim took responsibility for ordering the company not to report the losses and confessed it had sold off inventories that were supposed to backstop loans.
Disgraced Singapore oil tycoon sentenced to nearly 18 years for fraud
https://arab.news/zzf96
Disgraced Singapore oil tycoon sentenced to nearly 18 years for fraud
- Lim Oon Kuin was convicted in May in a case that dented the city-state’s reputation as a top Asian oil trading hub
- His firm was among Asia’s biggest oil trading companies before its sudden and dramatic collapse in 2020
EU needs to keep up dialogue with Israel, Dutch foreign minister says on Borrell proposal
- Disagreeing with the EU’s top diplomat who proposed to pause the dialogue with the country
PARIS: The European Union needs to continue its diplomatic dialogue with Israel amid tensions in the Middle East, Dutch foreign Caspar Veldkamp said on Monday, disagreeing with the EU’s top diplomat who proposed to pause the dialogue with the country.
European Union foreign policy chief Josep Borrell last week proposed that the bloc suspend its political dialogue with Israel, citing possible human rights violations in the war in Gaza, according to four diplomats and a letter seen by Reuters.
Pakistan’s top cleric says use of VPNs is against Islamic laws as the government seeks to ban them
- VPNs are legal in most countries, however they are outlawed or restricted in places where authorities control Internet access
- Million of Pakistanis have been unable to access the X social media platform since February 2023
ISLAMABAD: Pakistan’s top body of clerics has declared the use of virtual private networks, or VPNs, against Islamic laws, officials said Monday, as the Ministry of Interior sought a ban on the service that helps people evade censorship in countries with tight Internet controls.
Raghib Naeemi, the chairman of the Council of Islamic Ideology, which advises the government on religious issues, said that Shariah allows the government to prevent actions that lead to the “spread of evil.” He added that any platform used for posting content that is controversial, blasphemous, or against national integrity “should be stopped immediately.”
Million of Pakistanis have been unable to access the X social media platform since February 2023, when the government blocked it ahead of parliamentary elections, except via VPN — a service that hides online activity from anyone else on the Internet
Authorities say they are seeking to ban the use of VPNs to curb militancy. However, critics say the proposed ban is part of curbs on freedom of expression.
VPNs are legal in most countries, however they are outlawed or restricted in places where authorities control Internet access or carry out online surveillance and censorship.
Among users of VPNs in Pakistan are supporters of the country’s imprisoned former Prime Minister Imran Khan, who have called for a march on Islamabad on Sunday to pressure the government for his release.
Pakistan often suspends mobile phone service during rallies of Khan’s supporters. But Naeemi’s weekend declaration that the use of VPNs is against Shariah has stunned many.
Naeemi’s edict came after the Ministry of Interior wrote a letter to the Ministry of Information and Technology asking for the VPN ban on the grounds that the service is being used by insurgents to propagate their agenda.
It said that “VPNs are increasingly being exploited by terrorists to facilitate violent activities.” The ministry also wants to deny access to “pornographic” and blasphemous content.
Last week, authorities had also asked the Internet users to register VPNs with Pakistan’s media regulator, a move which will allow increased surveillance on the users of Internet.
Pakistan is currently battling militants who have stepped up attacks in recent months.
On Friday, a separatist Baloch Liberation Army group attacked troops in Kalat, a district in Balochistan province, triggering an intense shootout in which seven soldiers and six insurgents were killed, according to police and the military. The BLA claimed the attack in a statement.
Masked men break into UK’s Windsor Castle estate
- Prince William and his family were believed to be at Adelaide Cottage, part of the Windsor Castle estate
LONDON: Two masked men broke into Britain’s royal Windsor Castle estate last month and stole two vehicles from a barn, the Sun newspaper reported on Monday.
King Charles and his wife Camilla were not in the estate at the time of the incident but Prince William and his family were believed to be at Adelaide Cottage, part of the Windsor Castle estate, the Sun reported.
The men used a stolen truck to break through a security gate at night and then scaled a six-foot fence, the paper said.
Local police said officers were called to a report of a burglary on Crown Estate land in Windsor, west of London, just before midnight on Oct. 13.
“Offenders entered a farm building and made off with a black Isuzu pick-up and a red quad bike. They then made off toward the Old Windsor/Datchet area,” Thames Valley Police told the newspaper. “No arrests have been made at this stage and an investigation is ongoing.”
Windsor Castle previously faced a security scare in 2021 when authorities arrested a man with a crossbow in the grounds of the castle who said he had wanted to kill Queen Elizabeth.
Climate talks in Azerbaijan head into their second week, coinciding with G20 in Rio
- Talks in Baku are focused on getting more climate cash for developing countries to transition away from fossil fuels
- Several experts put the sum needed at around $1 trillion
BAKU: United Nations talks on getting money to curb and adapt to climate change resumed Monday with tempered hope that negotiators and ministers can work through disagreements and hammer out a deal after slow progress last week.
That hope comes from the arrival of the climate and environment ministers from around the world this week in Baku, Azerbaijan, for the COP29 talks. They’ll give their teams instructions on ways forward.
“We are in a difficult place,” said Melanie Robinson, economics and finance program director of global climate at the World Resources Institute. “The discussion has not yet moved to the political level — when it does I think ministers will do what they can to make a deal.”
Talks in Baku are focused on getting more climate cash for developing countries to transition away from fossil fuels, adapt to climate change and pay for damages caused by extreme weather. But countries are far apart on how much money that will require. Several experts put the sum needed at around $1 trillion.
“One trillion is going to look like a bargain five, 10 years from now,” said Rachel Cleetus from the Union of Concerned Scientists, citing a multitude of costly recent extreme weather events from flooding in Spain to hurricanes Helene and Milton in the United States. “We’re going to wonder why we didn’t take that and run with it.”
Meanwhile, the world’s biggest decision makers are halfway around the world as another major summit convenes. Brazil is hosting the Group of 20 summit, which runs Nov. 18-19, bringing together many of the world’s largest economies. Climate change — among other major topics like rising global tensions and poverty — will be on the agenda.
Harjeet Singh, global engagement director for the Fossil Fuel Non-Proliferation Treaty Initiative, said G20 nations “cannot turn their backs on the reality of their historical emissions and the responsibility that comes with it.”
“They must commit to trillions in public finance,” he said.
In a written statement on Friday, United Nations Climate Change’s executive secretary Simon Stiell said “the global climate crisis should be order of business Number One” at the G20 meetings.
Stiell noted that progress on stopping more warming should happen both in and out of climate talks, calling the G20’s role “mission-critical.”
Philippines, United States sign military intelligence-sharing deal
- Visiting US Defense Secretary LLoyd Austin and his Philippine counterpart, Gilberto Teodoro, signed the agreement
- The two countries have a mutual defense treaty dating back to 1951
MANILA: The Philippines and the United States signed on Monday a military intelligence-sharing deal in a further deepening of defense ties between the two nations facing common security challenges in the region.
Visiting US Defense Secretary Lloyd Austin signed the agreement with his Philippine counterpart, Gilberto Teodoro, at Manila’s military headquarters where both officials also broke ground for a combined coordination center that will facilitate collaboration between their armed forces.
Called the General Security of Military Information Agreement or GSOMIA, the pact allows both countries to share classified military information securely.
“Not only will this allow the Philippines access to higher capabilities and big-ticket items from the United States, it will also open opportunities to pursue similar agreements with like-minded nations,” said Philippines’ defense ministry spokesperson Arsenio Andolong.
Security engagements between the United States and the Philippines have deepened under President Joe Biden and his Philippine counterpart Ferdinand Marcos Jr, with both leaders keen to counter what they see as China’s aggressive policies in the South China Sea and near Taiwan.
The two countries have a mutual defense treaty dating back to 1951, which could be invoked if either side came under attack, including in the South China Sea.
“I want to start by underscoring our ironclad commitment to the Philippines,” Austin said during the groundbreaking ceremony for the coordination center.
Austin said the coordination center should enable real-time information sharing between the two defense treaty allies and boost interoperability.
It will be a place where our forces can work side by side to respond to regional challenges,” Austin said.
The Philippines has expressed confidence the alliance will remain strong under incoming US president-elect Donald Trump.
Both the Philippines and the United States face increasingly aggressive actions from China in the South China Sea, a conduit for more than $3 trillion in annual ship-borne commerce, which it claims almost entirely as its own.
In 2016 the Permanent Court of Arbitration in the Hague said China’s claims had no legal basis, siding with the Philippines which brought the case.
But China has rejected the ruling, leading to a series of sea and air confrontations with the Philippines that have turned the highly strategic South China Sea into a potential flashpoint between Washington and Beijing.
“The United States’ presence in the Indo Pacific region is essential for maintaining peace and stability in this region,” Teodoro said during the inauguration, echoing previous remarks made by Marcos.
