Oil tycoon Lim Oon Kuin is likely to face another 23 charges. The founder of Hin Leong Trading, better known as OK Lim, was already facing two charges for abetment of forgery for the purpose of cheating from last year, according to the Straits Times.
Reportedly Singapore’s largest oil trader, Hin Leong collapsed last year amid a wider plunge in the oil market, thereby surfacing years of hidden losses concealed by the Lim family.
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Hin Leong owes various banks more than US$3.5 billion. Besides the various criminal charges, Hin Leong faces demand for repayment by these banks.
Lim’s oil trading empire is being liquidated and assets of value, such as the Universal Terminal has been snapped by interested parties.
Lim is out on bail for $3 million.
