The trial of Lim Oon Kuin, widely known as O.K. Lim, the founder of Hin Leong, reached its conclusion after 62 days of hearings, with a focus on the alleged fraudulent activities leading to significant financial losses. Lim is facing 130 criminal charges linked to US$2.7 billion in purported fraudulent loans.

During the closing submissions on April 12, 2024, Deputy Chief Prosecutor Christopher Ong emphasized that the prosecution’s evidence demonstrates Lim’s direct involvement in orchestrating fraudulent activities to secure urgent funds for Hin Leong, especially in light of the company’s financial strain during March 2020. Ong highlighted inconsistencies in the defense’s argument, stating, “The defense claims that Lim had nothing to do with the transactions, but for some reason, some employees masterminded a US$110 (plus) million deal to benefit Hin Leong.”

The allegations center around Lim’s purported instructions to employees for fraudulent discounting applications made to HSBC, resulting in the bank disbursing US$111.6 million to Hin Leong based on fictitious transactions. The prosecution asserted that Lim was integral to fabricating contracts and documents, misleading HSBC into releasing funds.

Key to the trial has been the testimony of former Hin Leong employees, including Serene Seng, who was described as having a crucial role in the operations. Despite her admissions of involvement in the fraudulent activities, defense attorney Davinder Singh argued that the prosecution’s case lacked credibility and relied heavily on witness testimonies that were inconsistent and questionable.

Singh challenged the prosecution’s narrative, pointing out that the prosecution had failed to establish a clear motive for Lim’s alleged actions. He stated, “This is a criminal trial where the burden is on (the) prosecution to satisfy this court that the charges have been proven beyond reasonable doubt.” Singh urged the court to consider the “unbridgeable gaps” in the prosecution’s evidence, asserting that Lim should be acquitted.

As the trial concludes, the stakes remain high, with HSBC pursuing damages of US$85.3 million against Lim and his children, while Hin Leong’s liquidators are seeking US$3.5 billion in alleged debts. The verdict in this significant case is set to be delivered on May 10, 2024.