Founder of collapsed oil trading firm Hin Leong Trading Pte Ltd, Lim Oon Kuin, better known as O.K. Lim, arrives at the State Courts in Singapore, on April 30, 2021.SINGAPORE- The 81-year-old founder of collapsed oil trading firm Hin Leong Trading Pte Ltd went on trial in Singapore on Tuesday accused of forgery and cheating HSBC out of $111.7 million
The prosecutor's opening statement on Tuesday said HSBC disbursed $111.7 million in March 2020 to Hin Leong as payment for two oil sales contracts the trader purported to have entered into with China Aviation Oil Corp Ltd and Unipec Singapore Pte Ltd. CAO and Unipec told HSBC "they had not entered into, and had no record of, each of their respective alleged transaction with Hin Leong," the prosecutors said.Unipec's parent company Sinopec told Reuters it could not comment given the ongoing court case.CAO in emailed comment said it told HSBC in April 2020 it had not entered into the alleged sales contract with Hin Leong without specifying the precise date.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hin Leong founder and former oil tycoon OK Lim on trial for instigating forgery, cheating HSBC in US$111.7 million caseSINGAPORE : The 81-year-old founder of collapsed oil trading firm Hin Leong Trading Pte Ltd went on trial in Singapore on Tuesday accused of forgery and cheating HSBC out of $111.7 million. The former oil tycoon Lim Oon Kuin, also known as O.K. Lim, attended court in a wheelchair and pleaded not guilty thr
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Buffett says he holds 7.4% stake in five Japanese trading houses including Itochu -NikkeiTOKYO : Berkshire Hathaway Inc's Warren Buffett is considering additional investment in Japanese stocks and said he holds a 7.4 per cent stake in five Japanese trading houses, including Itochu Corp, the Nikkei reported on Tuesday.In an interview with the newspaper, Buffett also said he would visit Japanes Just buy bitcoin and be quiet 😂
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Biden lands in Northern Ireland with vow to 'keep the peace'He hopes to bring an end to a protracted political deadlock over post-Brexit trading rules. Read more at straitstimes.com.
Source: STForeignDesk - 🏆 4. / 71 Read more »
Oil steady after surprise build in US crude stocksOil prices were little changed in early trading on Wednesday after industry data showed an unexpected build in U.S. crude and gasoline inventories, offsetting concerns about tightening supply ahead of output cuts by OPEC producers.In a sign of market tightness, U.S. crude futures have flipped into backwar
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Asia stocks rise on hopes regional central banks hold steady on ratesHONG KONG : Asia stocks posted gains on Tuesday, boosted by investor optimism that the region's central banks will continue to pause or end interest rate hike cycles, whatever action the U.S. Federal Reserve takes. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6 per cent as trading resum
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »