HSBC Says It’s a Victim of Brazen Fraud by Singapore Oil Tycoon

HSBC Holdings Plc said it was deceived by oil tycoon Lim Oon Kuin and his children as civil lawsuits brought by the bank and liquidators of his collapsed fuel trading empire kicked off in Singapore.

Hin Leong Trading Pte. and its court-appointed managers are suing the Lims as they seek to recover funds to pay more than 20 bank creditors including HSBC and DBS Group Holdings Ltd. HSBC’s suit against the Lims also got underway in a case alleging conspiracy and fraudulent misrepresentation over two transactions, It’s seeking to recover more than $85 million, a fraction of what was ...