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Singapore Oil Trader Hin Leong’s Founder Gets Forgery Charge

  • OK Lim’s charge carries prison sentence of up to 10 years
  • Hin Leong allegedly hid $800 million in futures trading losses
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The downfall of storied Singapore oil trader Lim Oon Kuin reached a new nadir Friday, with the founder of Hin Leong (Pte) Ltd. charged with abetment of forgery for the purpose of cheating, punishable by up to 10 years in prison.

The charge, which arose from investigations by Singapore’s Commercial Affairs Department into Hin Leong, relates to Lim’s instigation of an employee to forge a document purportedly issued by an affiliated oil-storage company known as Universal Terminal, according to a charge sheet seen by Bloomberg.