Singapore's former oil tycoon OK Lim slapped with 100 more forgery charges

IN a stunning move, Singapore prosecutors levelled multiple fresh forgery-related charges totalling 105 against the city-state's fallen oil legend Lim Oon Kuin of debt-struck Hin Leong group on Thursday.

The latest charges involve "eye-watering" numbers involving some S$2.2 billion of loans that were disbursed as a result of fraud perpetrated by Lim against both local and international banks in Singapore, Deputy Public Prosecutor G. Kannan submitted at a hearing in Singapore's State Courts.

Clad in a khaki-coloured jacket, Lim, 79, was present in court, accompanied by his wife. The latest charges bring the total number of charges against Lim to 130, all of which are related to forgery.

Most of the charges carry jail terms of between four and 10 years and/or fines, while one of the latest charges involves abetting in the forgery of a valuable security, which carries a maximum jail term of 15 years and a fine.

Collectively, the alleged offences involve fraudulent loans of a "grand total of S$2.7 billion and change", said Mr Kannan, who sought an increase in bail to S$5 million from S$3 million currently, given the significant number of additional charges and their gravity.

Lim's defence lawyer Navin Thevar of Davinder Singh Chambers argued against a "prohibitive" bail as he pointed out that Lim was an unlikely flight risk given his frail health and that there is in place a court order to freeze his assets worldwide which is related to a separate case. He also cited travel curbs amid the pandemic as another factor.

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Mr Thevar submitted that the prosecution has failed to show that there has been a material change of circumstances. He posited that the Commercial Affairs Department would have had some idea of the "rough scale" of alleged losses suffered by creditor banks when they arrested Lim last year and sought a S$3 million court bail for the billionaire then "when not a single charge was framed".

Mr Kannan rejected the assertion. "I am knee-deep in this investigation and we didn't know the scale of offences at that material time," he asserted.

Describing the defence's argument as "blinkered", Mr Kannan remarked: "The 300-pound gorilla in the room is the additional 105 serious charges tendered today... (these) are material".

The court session continued well over an hour with much of it dominated by both parties' arguments for and against raising the bail amount.

District Judge Brenda Tan said it was "clear" that there is a material change in circumstances given the additional over 100 charges against Lim and raised bail by S$1 million with one surety or S$500,000 with two sureties. A pre-trial conference has been fixed for Aug 5.

The white-collar criminal case involving Lim, better known as OK Lim, is widely followed in Singapore's tight oil community as he was known as an icon in the commodities trading community in the region until a historic oil crash brought the business to its knees.

His flagship firm Hin Leong Trading was ordered to be wound up in March after it came crumbling down on some US$4.6 billion of debts owed to more than 20 banks. Lim and his children are also facing charges by the court-appointed managers on various fronts, including a US$3.5 billion suit for alleged breach of fiduciary duties as directors and for engaging in fraudulent trading.