Singapore family office of rich Chinese hit by $55m fraud scandal

[coolmyth]

Machiam rike buy washing machine to use, then kpkb clothes went missing.

 

[dambio]

i think you shouldn't read too much into this article. it could be a deflection article to lay the blame on the 4 unnamed "singaporean" employees instead of the owner.

it could be a case of this company found to be doing laundry service and now the boss finding ways to not go jail by fledging innocence.

Knowing how they r from where they come from. D funds might not be clean also. B4 sg tighten d rules after d fujian gang. Alot of dirty money alr flowed into sg.

 

[eeLoyH]

Then the system only knows how to earn money but don’t know how to deterrent and to check on the systems that’s been in place so far???

This is a lot of money
Want to be financial hub n let ppl lose so much money is ok???

Then with more foreigners in our system then how safe can our sys be

im not sure how internal fraud can be checked though if it’s done under the radar. The family offices are regulated less strictly because it’s basically some rich man taking his money ask a few people to manage it.

Would you really want the gov to tell you how you can work your money

 

[eeLoyH]

Locally based staff

Locally based vs locals are very different though I think from article someone posted they are Singaporeans.

in that case wouldn’t that mean they are terrible hires?

 

[boredom2012]

Standard regulatory implementation is that the new requirements apply to NEW family offices.. not existing ones.

Well they claimed family offices hire local before new requirements set in.

 

[Pyroxene]

Among other fraudulent actions cited, three of the defendants were alleged to have taken more pay than they should have from 2019 to 2022. Over the four years, they were shown to have been overpaid by SG$2.93 million, SG$2.67 million and SG$2.76 million, respectively.

In defense against Zhong's allegations, the former employees argued that one of them had the mandate to decide their salary and bonuses, which Zhong denied, according to the court judgment.

Lol ownself pay ownself. To the tune of almost $3 million, no less.

As a Sinkie, moi ish proud of these fellow Sinkies.

 

[mooseolly]

New citizens ar?

 

[evildoer]

lol.. what happen Singapore..

first Nvidia graphic card and now this... Still dare to visa free to them..

 

[DulanMax]

Zhong Renhai, an "ultra-high net worth Chinese businessman," his Panda Enterprise single family office -- a corporate structure used by the wealthy to manage their own and their relatives' assets -- and Lee Fung International, another company under him, alleged that 74 million Singapore dollars ($55.5 million) had been "misappropriated" from LFI and Panda by his locally based staff, a judgment from Singapore's High Court states.

It showed that four ex-employees of LFI -- who Nikkei Asia understands to all be Singaporeans -- along with an entity in the British Virgin Islands controlled by the four, were bound to a directive last week halting the movement of assets globally, indicating that the court has found sufficient evidence for their assets to need freezing.

PAP ish right

Sinkies commit more crimes

 

[Spike]

Well they claimed family offices hire local before new requirements set in.

Tiong turned PR or Singaporeans are considered locals in the eyes of our government.

 

[semiret]

Highly suspect those they hired are also formerly Tiong lor. Usually those with high net worth will not trust other country citizens they just known for a short period of times. Just my thought.

 

[Itsnotfunny]

No need to guess. When the accused names are out. Will be obvious their origin.

 

[Medicated Oil]

Machiam rike buy washing machine to use, then kpkb clothes went missing.

 

[alex22]

i think you shouldn't read too much into this article. it could be a deflection article to lay the blame on the 4 unnamed "singaporean" employees instead of the owner.

it could be a case of this company found to be doing laundry service and now the boss finding ways to not go jail by fledging innocence.

4 sinkie tua pek gong, 500k each gratuity

 

[jack-320]

Sinkieland is a money washing machine

 

[mosmos]

Most probably transfered to JHK land riao

 

[kleong]

Usually tiong hires tiongs.. High chance is tiong turned Singaporeans..

Own people cheated own people?

中国人不骗中国人

 

[alex22]

Used to bai h100 and deliver to malacca?

 

[Kunkka]

The news said all 4 employees were Singaporeans.

Must see name first. Naturalised or true blue

 

[lao3hero]

中国人不偏中国人

骗 u meant?