The story of Lim Oon Kuin (widely known as O.K. Lim) is a classic "rags-to-riches" tale that began in the 1960s.
He started the business in 1963 with a single truck, delivering diesel to fishing boats, timber yards, and factories in Singapore.
Over the decades, he grew that modest operation into Hin Leong Trading, which became one of the largest independent oil traders in Asia.
Key Milestones of the Rise and Fall
The company's history is marked by a massive expansion followed by a very public collapse:
* The Beginning: Lim Oon Kuin emigrated from Fujian, China, and began his career as a small-scale fuel supplier.
* Expansion: By the 1970s and 80s, the group expanded into ship bunkering and oil trading, eventually owning a massive fleet of tankers through its shipping arm, Ocean Tankers.
* The Hub: Hin Leong was a major player in the development of the Universal Terminal on Jurong Island, one of the largest commercial oil storage facilities in the world.
* The Collapse (2020): The empire crumbled during the COVID-19 pandemic when a crash in oil prices exposed years of hidden losses. It was revealed that the company had concealed about US$800 million in losses over several years.
* Legal Aftermath: Following the insolvency, O.K. Lim faced numerous charges related to fraud and forgery.
It is a significant piece of Singapore's corporate history—transitioning from a
single-man truck operation to a multi-billion dollar empire, and finally ending in one of the city-state's biggest commercial scandals.