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

[buttbERry]

wa such a huge amount

 

[nasfieldjohn]

Wash ah wash

 

[4Dluckystrike]

If go laundromat wash clothes , clothes missing , find who ar?

 

[kimsix]

My motto, you can’t be super wealthy if you are an angel. Dont like gahment initiative to welcome more family offices… all just want ez money come in

 

[kleong]

骗 u meant?

Yes yes. Wrong word used and edted

 

[campoix]

Singapore is a washing machine hub

 

[A Better Tomorrow]

Money ish not dirty but some people are dirty.

Money can make clean but not some people; once black liao, cannot go back to white.

 

[sgcarousell]

haha finally they come in here to be fleeced by us... its always been one way traffic for our companies to go over there and be fleeced... time for payback...

locally based staff does not mean they are local born SG citizens

 

[Ubi-Warrior]

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.

Hard Truths!!!

Money disappear mean CCP cannot lay hands on it either

 

[Whimsica]

Chio kah peng.

Reminds me of a tiong acquaintance who asked me to intro divorce lawyer cos his sinkie wife is demanding a divorce after 2-3 years of marriage.

I laughed, and told him I have heard of many cases of distraught sinkie men facing divorces initiated by their tiong wives but that was the first time I saw a ganjeong tiong husband kena pawned by a sinkie wife.

And now is "locals" cheating rich tiongs.

 

[stephenbishop]

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.

The case report and judgement fyi. All the parties are named.

What is interesting for me is that foreign media reports an interesting local story before MSM in Singapore!

 

[Linguist]

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.

Authorities never release any info? Or media release on court case hearing?

Chio kah peng.

Reminds me of a tiong acquaintance who asked me to intro divorce lawyer cos his sinkie wife is demanding a divorce after 2-3 years of marriage.

I laughed, and told him I have heard of many cases of distraught sinkie men facing divorces initiated by their tiong wives but that was the first time I saw a ganjeong tiong husband kena pawned by a sinkie wife.

And now is "locals" cheating rich tiongs.

Why tiong wife wants to divorce the local husband?

Sinkie wife wants divorce because the tiong got mistress outside?

 

[NintendoSwitch]

Ownself hire people who are not trustworthy ownself fraud ownself then blame the system.

can they out who are the people they hired and if they are locals anot? If they are name will probably be published big big in msm

I think system is not at fault when they hire dishonest people

Quote says locally based staff. Never said they were Sinkies. Also no full name. Easy to understand dat those were talents.

 

[Soracak]

 

[ahnyaahnya]

SINGAPORE -- The head of a Chinese family office in Singapore has accused former employees of fraud in a multimillion-dollar case, further tarnishing the reputation of the financial hub's wealth management sector after it was dented by a recent massive money laundering bust.

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.

https://asia.nikkei.com/Business/Fi...fice-of-rich-Chinese-hit-by-55m-fraud-scandal

Are the 4 of them " locally based staff " or are they Singaporeans?
To me "locally based " implies that they are foreigners working here

 

[KakiMeow]

wow seh...

55 mirrion can buy...

...13 mil packet of 3 vege cai png

eat 3 generation sia

 

[ahnyaahnya]

The news said all 4 employees were Singaporeans.

Victim said " locally based " employees .
Was the Nikkei Asia that "understandd" that they are Singaporeans

 

[hardindex]

Sound like Temasek holding but smaller scale family business So much fraud in the small one, big one how?

 

[vangug]

The case report and judgement fyi. All the parties are named.

What is interesting for me is that foreign media reports an interesting local story before MSM in Singapore!

read this guys... from the link... most of the 4 do seem like locals... trying to find them online but its too hard cos their name combinations quite common... only the 3rd defendant seems like can get a hit cos her name too unique...

 

[rlskyline]

hehe......