SINGAPORE: The High Court , on Wednesday ( Feb 19 ) extended the jail term of , the former CEO of a timber flooring firm who cheated banks into disbursing over S$ 2 million ( US$ 1.5 million ) in loans.
Jason Sim Chon Ang, the leader of the now-defunct Jason Parquet Specialist,  , was convicted in 2023 on five claims of lying, but acquitted of a command under the Organizations Act. He received a three-year prison sentence.
The High Court on Wednesday overturned Sim’s conviction and increased his prison term by three years and eight months, according to the authorities in a media release.
WHAT HAPPENED
From 2012 to 2015, Sim applied for debts from three banks – DBS, Standard Chartered and Maybank– using fake invoices and shipping orders for , forest.
The forged papers were prepared by a provider, Tati Trading, which led the bankers to receive a total of S$ 2, 035, 000 to the business.
Tjioe Chi Minh, a controlling director at Tati at the time of the crimes, gave the papers their recommendations.
In one of the five false software, a bank was deceived into paying S$ 535, 000 to Tati in September 2012.  ,
Tjioe used the money to purchase 2.5 million shares in Jason Parquet Holdings ‘ initial public offering.
Sim was charged under the Organizations Act for this.  ,
Tjioe faced , five counts of abetment of lying and was  , acquitted in 2023.
After the panders,  , Sim’s and Tjioe’s prosecutions were overturned. Jioe received a two-year, six-month prison sentence.  ,