A prosecutor this week recommended the sentence to Lim (also known as OK Lim) on three counts, including instigating forgery and deceiving the bank of US$111.7 million, Channel News Asia reported.
His actions "affected the delivery of financial services in Singapore, and tarnished Singapore’s hard-earned reputation as Asia’s leading oil trading hub," the prosecutor said.
He has been found guilty of cheating HSBC through employees of his "family business", by claiming that his company Hin Leong had entered into two contracts to sell oil, even though the two transactions were complete fabrications, according to The Straits Times.
Lim’s lawyer, however, sought a 7-year sentence for the 82-year-old. He will be sentenced on Friday.