All eyes on Hin Leong founder O.K. Lim’s appeal against his 17½-year jail sentence

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The Straits Times 7h ago

All eyes on Hin Leong founder O.K. Lim’s appeal against his 17½-year jail sentence - The Straits Times

Quick Summary:

Even with a one-third remission of his sentence, he would only be released from prison when he is 94 years or 95 years old.

In August 2021, she was accused of instructing Mr Lim Chin, an IT manager at Hin Leong, to delete IT records and to ensure that deleted items from the company’s computer servers could not be recovered, when the company was facing civil proceedings or criminal investigations.

Compounding the firm’s liquidity crunch was the oil price rout. Hin Leong had not sufficiently hedged against this and, as a result, was forced to sell its inventory to meet margin calls by numerous banks.“At the same time, the trade financing loans extended by the banks for Hin Leong’s purchase of cargo in the preceding weeks became due.