Banks lost US$300m in 'fraudulent loans' to Hin Leong

Singapore

SIXTEEN banks in Singapore have suffered nearly US$300 million in "actual monetary loss" out of a total US$2.77 billion loans they were allegedly "deceived" into extending to collapsed oil trader Hin Leong Trading (HLT) by the company's founder Lim Oon Kuin.

The losses - US$291.9 million to be exact - are related to some of the 130 charges, mostly forgery-related, that have been tendered against Lim, Singapore prosecutors disclosed during last week's hearing on the case against Lim, better known as OK Lim.