Commodity firm's former CFO jailed in $469 million fraud case

Singapore has imposed a 20-year jail sentence on Lulu Lim Beng Kim, a former chief financial officer of commodity firm Agritrade International Pte Ltd., for deceiving 16 banks and financial institutions and causing losses of over $469 million, Channel News Asia reported. Institutions granted at least $586.5 million in credit facilities to Agritrade between January 2017 and November 2019 after the former finance chief submitted inaccurate financial statements.