The trial is scheduled to run for about 180 days, with more than 60 witnesses expected to be called to testify. Read more at straitstimes.com.
against the oil trading firm’s embattled founder Lim Oon Kuin, better known as O.K. Lim, and his two children began on Thursday in the High Court.
HSBC, which is represented by Senior Counsel Sarjit Singh Gill of Shook Lin & Bok, said in its opening statements that there were two discounting applications that had been fraudulently made by Hin Leong to obtain financing from the bank. “These are not inadvertent errors”, as portrayed by the defendants, Mr Gill told the court.
They also “located fabricated swaps trades tickets , contracts and invoices relating to fictitious swaps trades, as well as forged banking documents such as inward remittance advices, and bank account statements”. According to the elder Lim’s opening statements, the evidence of Hin Leong employees who claim to have been instructed by him “to create fictitious profits, overstate Hin Leong’s accounts and/or apply for financing on false premises should not be given weight because it is riddled with inconsistencies and not supported by the contemporaneous documents”.
“To achieve permanent deletion, Lim Chin instructed systems engineer Siow Kwee Keong to delete the IT system’s retention policies.
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