<\/p>\nfined $30,000 on Aug 15<\/p>\n
<\/a> for abetting the obstruction of justice in a case linked to former transport minister S. Iswaran. The judge had agreed with the prosecution and defence that judicial mercy should be exercised in this case due to his ill health.<\/p>\n
Mr Singh said on Nov 14: \u201cJudicial mercy was granted in (Ong Beng Seng\u2019s) case because there was a risk of falling. There is no assurance or guarantee that the system within SPS will ensure that (Mr Ong) will not die as a result of a fall. That\u2019s exactly our case here.\u201d <\/p>\n
But Deputy Chief Prosecutor Christopher Ong disagreed, calling Lim\u2019s plea for judicial mercy an \u201copportunistic afterthought\u201d.<\/p>\n
\u201cLim is hanging his hat on the fact that his medical report says he has a fall risk and the potential consequence is he may lose his life,\u201d DCP Ong said.<\/p>\n
But that is very different from Mr Ong Beng Seng\u2019s case, he noted. While fall risk was one of the things considered, that was in the context of the underlying illness that Mr Ong suffered from, which is a rare complex form of cancer. <\/p>\n
\u201cThat\u2019s completely absent in Lim\u2019s case,\u201d DCP Ong pointed out.<\/p>\n
Mr Ong Beng Seng\u00a0is diagnosed with advanced multiple myeloma, a cancer that affects white blood cells, which are crucial to the body\u2019s immune response. The cancer had hollowed out\u00a0Mr Ong\u2019s spinal vertebrae, which means the strength of his spine has been so compromised that any fall or injury could result in permanent disability or life-threatening injury.<\/p>\n
What determined the exercise of judicial mercy in his case is not whether there is a risk, but whether there is a significant increase in risk in prison as opposed to outside prison, DCP Ong said. <\/p>\n
The defence also argued that the criminal trial judge erred in convicting Lim by relying on a joint statement issued on April 21, 2020 by the Monetary Authority of Singapore (MAS), Enterprise Singapore (ESG) and the\u00a0Maritime\u00a0and Port Authority of Singapore (MPA) to \u201cfind that Lim\u2019s offences caused harm\u201d.<\/p>\n
In the statement, ESG said Singapore\u2019s oil trading sector remains resilient and is diversified with more than 130 companies that trade energy products.<\/p>\n
MPA said: \u201cThere may be some short-term minor disruptions due to the lapse of contractual obligations by Ocean Bunkering and\u00a0Hin\u00a0Leong\u00a0Marine International.\u201d<\/p>\n
MAS stated that it was in close contact with the banks on\u00a0Hin\u00a0Leong\u2018s developments and \u201creminded the banks not to de-risk indiscriminately from the bunkering and oil trading sectors\u201d. It added that the banks are well capitalised and diversified in their exposures to these sectors.<\/p>\n
As such, Mr Singh pointed out: \u201cIt\u2019s hard to understand how there\u2019s any link between the joint statement and (Lim\u2019s) offences.\u201d<\/p>\n
Lim was found guilty of cheating HSBC, through Hin Leong employees, by claiming that the oil trading firm had entered into two contracts to sell oil to China Aviation Oil (Singapore) and Unipec Singapore, and then applying for discounting of these purported transactions.<\/p>\n
The court found that the two transactions were complete fabrications, concocted on\u00a0Lim\u2019s directions, and the discounting applications were supported by forged or fabricated documentation. As a result, the bank was deceived into disbursing US$111.6 million (S$150 million) to Hin Leong, of which US$85 million remains its total outstanding loss.<\/p>\n
Mr Singh questioned how Lim\u2019s cheating and forgery offences would impact Singapore\u2019s bunkering and financial services industries.<\/p>\n
\u201cHSBC learnt of the two discounting applications because Lim arranged for a call to them and apologised, and the bank then called the police. And suddenly, public confidence in the financial services sector was undermined?\u201d he asked. <\/p>\n
DCP Ong said the fact that various agencies saw it necessary to issue a joint statement immediately after Hin Leong filed for bankruptcy protection in 2020 showed how important the bunkering and oil industry is to Singapore\u2019s economy.<\/p>\n
Justice Hoo Sheau Peng asked: \u201cBut how do you attribute risk to public confidence from (Lim\u2019s cheating and forgery) offences?… Is it right to rely on these factors, when it seems to me that any loss of public confidence was due to the collapse of Hin Leong?\u201d <\/p>\n
DCP Ong replied: \u201cThat\u2019s the difficult position we find ourselves in… One question that\u2019s bound to occur to the public is whether this is only the tip of the iceberg.\u201d <\/p>\n
He added: \u201cShort of taking surveys on whether the public is affected by an event, we should consider whether there\u2019s a gradual erosion (in confidence) when such events take place.\u201d <\/p>\n
He also disputed the defence\u2019s argument that Lim came clean and told HSBC of the impending default, citing evidence that Lim did that to \u201cbuy time\u201d.<\/p>\n
Lim\u2019s explanations for the transactions to the bank were false, do not demonstrate remorse, and are the subject matter of charges against him, DCP Ong said. <\/p>\n
But Mr Singh rebutted: \u201cWhy would (cheating and forgery) which took place over two working days amount to anything remotely close to an erosion of confidence in our banking system? What happened to the banking system as a result of the three offences? Nothing.\u201d <\/p>\n<\/div>\n
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