Hin Leong founder O.K. Lim cleared of remaining 127 charges after stern warning from prosecution

According to state media The Straits Times, the 84-year-old Singaporean, widely known as O.K. Lim, was granted a discharge amounting to an acquittal by a district court on 17 July 2026.

Such a discharge means he cannot be prosecuted again for the same offences.

The decision follows Lim's conviction for cheating the Hongkong and Shanghai Banking Corporation (HSBC) and abetting forgery, offences for which he is currently serving a 13½-year jail sentence after successfully appealing against his original punishment.

Remaining charges withdrawn

The Attorney-General's Chambers (AGC) said the decision came after reviewing the circumstances of the case.

"After careful consideration of the facts and circumstances of the matter, including the sentence... the prosecution directed that a stern warning be administered to Lim in lieu of prosecution in respect of the remaining charges," the AGC told The Straits Times on 20 July.

It added: "Following the administration of the stern warning, the prosecution applied for the discharge in respect of the remaining charges. This was granted by the court."

The withdrawn charges included allegations of cheating and were among more than 100 charges initially brought against Lim following the collapse of Hin Leong.

Conviction over fraudulent financing

Lim was convicted after a lengthy district court trial involving fraudulent trade financing obtained through Hin Leong Trading, once one of Asia's largest oil trading companies before its collapse in April 2020.

The case centred on two fictitious oil sale transactions purportedly involving China Aviation Oil (Singapore) Corporation and Unipec Singapore. Prosecutors said forged documents linked to the transactions were submitted to HSBC, resulting in the bank disbursing approximately US$111.6 million (S$145 million) in financing.

The court found that Lim had duped HSBC into releasing the funds using two fabricated oil sale contracts. He was also found to have instructed a former employee to forge documents relating to one of the bogus contracts.

The three charges that proceeded to trial represented at least US$111.7 million (approximately S$150 million) in fraudulently obtained financing.

During the trial, prosecutors described Lim as "a legend in Singapore's oil industry" who had orchestrated, through his employees, one of the most serious trade financing fraud cases ever prosecuted in Singapore.

Sentence reduced on appeal

In 2024, Lim was sentenced to 17½ years' imprisonment on two counts of cheating and one count of abetting forgery. Prosecutors described the case as "one of the most serious cases of trade financing fraud that have ever been prosecuted in Singapore".

However, the High Court reduced the sentence to 13½ years in March 2026 after allowing part of his appeal.

Justice Hoo Sheau Peng described the original sentence as "crushing", even after taking into account the usual one-third remission. The judge said the sentencing court had erred by placing weight on the prosecution's argument that Lim's offences had undermined public confidence in Singapore's oil trading sector.

Justice Hoo also granted sentencing discounts after considering Lim's advanced age, the substantial restitution he had made and the reduced likelihood that he would reoffend.

The judge further noted that HSBC's loss relating to one of the cheating charges had been reduced from US$56 million to US$29.7 million after restitution by Lim.

Senior Counsel Davinder Singh, who represented Lim, had sought judicial mercy by citing the precedent involving Ong Beng Seng, although that application was unsuccessful.

According to CNA, Lim was taken into custody at Gleneagles Hospital on 2 April 2026 to begin serving his revised 13½-year prison sentence.

Separately, Lim was also a defendant in a civil trial brought by the liquidators of Hin Leong Trading against the Lim family.

That proceeding concluded after Lim and his two children consented to a judgment of US$3.5 billion being entered against them.

Following the civil judgment, Lim and his children were declared bankrupt in December 2024.