Architect of market-rigging scheme that led to S$3 million in losses jailed

SINGAPORE: A man who orchestrated what prosecutors described as one of the most sophisticated securities-related cases of fraud Singapore had ever seen was sentenced to jail on Wednesday (May 31).
For his role in a complex market-rigging scheme that resulted in losses of S$3.28 million, Lin Eng Jue, also known as Andrew, was handed three-and-a-half years’ jail.
The prosecution charged that he was unremorseful throughout investigations and court proceedings, choosing to plead guilty after 16 days of trial in the face of “overwhelming evidence”.
Lin pleaded guilty to multiple charges of market-rigging and deceptive practice under the Securities and Futures Act, with another 34 charges considered in sentencing.
THE SCHEME
The case centred around shares of Koyo International, a Singapore-incorporated company providing integrated mechanical and electrical engineering services to industries including construction, marine, oil and gas.
In 2014, Lin realised from observing trading patterns that Koyo shares were illiquid, as there was a lack of buyers or sellers interested in the shares.
At the time, about a third of Koyo’s issued shares were floating and available for trading by the public, while the chief executive officer of Koyo and his family held most of the remaining shares.
Koyo’s market capitalisation was about S$32 million on Aug 12, 2014.
If he was able to control the majority of the trading of Koyo shares on the market, Lin knew he could gradually push up the price at which Koyo shares were traded on the Singapore Exchange (SGX).
He planned to drive the price of Koyo shares up to at least 40 cents, with the aim of achieving a reverse takeover where a buyer would acquire all of Koyo’s shares at the target price.
Lin would approach individuals to sell some of his Koyo shares at a 10 per cent discount from the prevailing market price, earning a profit. The buyers accepted the deal because they believed an eventual reverse takeover would happen, and they also hoped to earn an eventual profit from the sale of the company.
Lin carried out his scheme in three phases, first opening trading accounts under his name and his wife’s name.
He then obtained the assistance of Janice Lau Wan Heng, a broker and remisier with CGS-CIMB Securities, to obtain more trading accounts.
He told Lau, 65, about the desire for a reverse takeover and the market-rigging scheme. Lau agreed to take part, convincing her existing CIMB clients and her family members to let her use their trading accounts.
In the last phase, when there was a clamping down on trading limits on the accounts of Lau’s CIMB clients, Lin asked Lau to explore other brokerages to get more trading accounts.
Lau told her clients that she was considering leaving CIMB and joining other brokerages, convincing them to open or reactivate trading accounts with the other brokerages.
Along with his co-accused, Lin used 53 trading accounts opened in the name of 15 people with eight brokerage firms to trade Koyo shares and push up the share price.
This took place over 18 months from August 2014 and January 2016, with a total of 14,679 trades placed.
Lin approached others and roped them into the scheme, convincing one man to resign from his job at Sembcorp to trade with Lin, reaping S$10,000 and the use of a Toyota Camry in exchange.
THE CRASH
The scheme came to a halt in January 2016, when SGX issued a trade-with-caution warning, titled: “SGX urges caution when dealing in Koyo International Limited shares”.
SGX stated in its announcement that a small group of individuals was responsible for 60 per cent of the trading volume of Koyo between October 2015 and January 2016, of which at least half of these trades were due to the group of individuals buying and selling among themselves.
After the announcement broke, Koyo’s share price crashed by almost 84 per cent, from S$0.34 on Jan 15, 2016, to closing at S$0.056 on Jan 18, 2016.
The market capitalisation of Koyo dropped by more than S$58 million in three days from S$72 million to about S$14 million.
Lin instructed an accomplice to delete all their chat messages and correspondence about the market-rigging scheme.
“Substantial losses were sustained by the accountholders and the brokerage firms,” said the prosecution.
“The total amount incurred as a result of contra trading losses in the 53 accounts was about S$3.28 million, of which the accountholders bore about S$2.23 million of such losses, while the brokerages and remisiers bore about S$1.05 million of such losses.”
Lin and his wife paid only about S$110,000 for the losses sustained in the accounts in their names.
The prosecution sought between 45 and 48 months’ jail for Lin, whom they called “the most culpable offender in one of the most sophisticated securities-related frauds in our jurisdiction”.
Lin achieved a severe market distortion over 18 months while the scheme was undiscovered, driving the Koyo price up by more than twice, from 16 to 40 cents.
When the scheme was ongoing, it accounted for two-thirds of the trading volume of Koyo shares, said the prosecutors.
A deeper look at the Belt and Road in Africa

China is an important economic player in Africa. In 2021 alone, China accounted for nearly US$5 billion in foreign direct investment in African countries. The rapidly increasing Chinese presence across Africa has become a contentious issue both for Beijing and African governments.
In particular, mega-projects funded by China have resulted in public controversies about the relationship between external investments and public debt. China is Africa’s biggest bilateral lender.
In 2020, it held over $73 billion of Africa’s public debt and nearly $9 billion of its private debt. Due to this, US Treasury Secretary Janet Yellen has accused China of leaving countries “trapped in debt.”
Kenya has been no exception. China’s involvement in the construction of Kenya’s Standard Gauge Railway is a typical example of controversies brought by China-supported investments.
These include issues of increasing socio-economic inequalities between different population groups advanced by large-scale investments, local labor mistreatment by Chinese managers, accusations of neo-colonialism, and the long-term sustainability of loans issued by the EXIM Bank of China for projects.
In 2022, with a total debt of $6.8 billion, China was Kenya’s biggest bilateral creditor. Out of this amount, $5.3 billion was advanced by the EXIM Bank of China to finance the Standard Gauge Railway.
It is against this background that our study asked if Chinese actors indeed determined how mega-infrastructures are realised in African countries. We examined the specific ways in which Chinese state-owned enterprises are involved in the construction of Kenya’s Standard Gauge Railway. We analyzed how infrastructure development was realized on the ground and how Chinese construction companies shaped the process.
The study showed that the decisions of Chinese state-owned enterprises in Kenya do not necessarily present a grand Chinese strategy. Instead, they result from changing political and economic circumstances in China, and reflect both state and private Chinese interests.
Acknowledging these dynamics is important because it demonstrates how narratives about China’s involvement in mega-infrastructure development might overemphasise the power of the Chinese state.
Simultaneously, this highlights that African governments have more power to influence their industrial development and the sustainability of large-scale projects than mainstream narratives acknowledge.
Flagship projects
Alongside other large projects, such as the Lamu Port-South Sudan-Ethiopia Transport Corridor, the Standard Gauge Railway is central to Kenya’s national development program Vision 2030. This is supposed to industrialise the country and advance socio-economic development.
But the sustainability of the railway project and its contribution to government debt has been widely debated. In 2022, according to the National Treasury, Kenya’s debt stood at KSh9.15 trillion ($74.1 billion), equivalent to 67% of the country’s GDP. There are also concerns whether Chinese contracts protect national interests.
We took a closer look at the project to see if these fears were well founded. Between May 2019 and September 2020, we conducted interviews during multiple visits to Chinese construction camps alongside the railway construction sites.
We interviewed managers and employees in construction and operational departments of China Road and Bridge Corporation, the main railway project contractor. We interviewed informants from the public sector in Kenya, including from Kenya Railways Corporation and Kenya Ports Authority. We also spoke to local government workers, private sector representatives, lawyers and scholars.
Our research is unique because we directly engaged with the Chinese actors that built Kenya’s new railway. Their perspectives have been lacking in both public and academic debates. This is because public engagement of Chinese contractors is usually strictly guarded due to the state ownership of these enterprises.
Our interviews revealed that in Kenya, China Road and Bridge Corporation constantly shifted its strategies. It also adapted to local circumstances in the country and across East Africa, rather than only imposing its strategic priorities.
This compromised its own interests of economic productivity and its public image. Our finding runs counter to any grand visions of transformative infrastructure development, the lens through which Kenya’s rail project has been interpreted.
The trade-offs
We found that the Chinese entity had adopted a method called the “Early Entry Scheme” to resolve issues of delayed land compensation. This involved direct, case-by-case negotiated payments to landowners. As a result, owners vacated land for project construction before the land settlement was officially approved by the National Land Commission of Kenya.
This is uncommon among international contractors. Land compensation for a national infrastructure project is usually a responsibility of national governments. But with the delayed national compensation process, the China Road and Bridge Corporation resorted to the Early Entry Scheme.
In Kenya, this scheme was driven by various concerns. Cost-saving was one. The Chinese company had learnt from the first phase of the project that the late delivery of even a small parcel of land could raise the cost of the project if labour and equipment were idle.
Another concern was political. For a flagship project funded by the Chinese government, on-time delivery was crucial to promote China’s image as an efficient development partner.
Another interesting aspect of the project was how the Chinese company became the main operator of the Standard Gauge Railway – not just the construction contractor. According to our interviews, operating the railway would not benefit the company financially.
But the stakes were too high to leave it to chance. Operational challenges that a new company could experience might have affected the public image of the project, as well as the corporation itself. Therefore, the company had to balance its short-term financial interests with long-term reputational concerns.
So far, there hasn’t been clear evidence of the Standard Gauge Railway contributing to Kenya’s national economic development. The current investment in the railway between Mombasa and Naivasha (120km away from Nairobi) is not enough to boost the economy.
This could only be realised if the railway connected global maritime trade to the hinterland of East Africa, to accelerate transport efficiency at a regional scale. But the Kenyan and Ugandan governments did not manage to agree on financing terms to extend the project.
For this reason, in 2018, the Exim Bank discontinued funding for extending Kenya’s railway line to Uganda. This shows that Beijing’s strategies of infrastructure development are not set in stone but change, and can even be reversed, due to shifting circumstances in overseas regions.
Still, there are clear winners. Though the long-term profitability of Kenya’s Standard Gauge Railway remains in question, China Road and Bridge Corporation managed to enhance its global market position.
In Kenya alone, despite the controversies that surround the new railway, the corporation was given new tenders to complete other key national projects, such as the Nairobi Expressway.
As we show in our study, this is not necessarily an outcome of a grand strategy in Beijing. Instead, this is a result of dynamic and ever-changing efforts of Chinese companies that try to align multiple demands between their own economic interests and various political priorities in China and across Africa.
This highlights that African countries are not passive recipients of Chinese-funded projects. They have an important role to play in counterbalancing Chinese actors to shape how these projects are realised on the ground.
Gediminas Lesutis, Marie Curie Fellow, University of Amsterdam and Zhengli Huang, Post-doctoral Researcher, Tongji University
This article is republished from The Conversation under a Creative Commons license. Read the original article.
Watch: Air raid siren worries Seoul residents

Residents of South Korea’s capital city Seoul woke to the sound of an air raid siren and an evacuation message played over loud speakers.
The warning was a false alarm, prompted by a failed attempt by North Korea at launching a spy satellite into space, that ended up crashing into the sea.
Earlier Pyongyang had announced plans to launch a satellite to monitor US military activities by 11 June.
Residents of Okinawa in the south of Japan were also issued a warning in response to the launch.
Safety at some Indonesian fertiliser manufacturing plants in spotlight amid audits on vital state facilities

“It depends on the wind direction. If the wind blows west, the smell goes to the other side, but if it blows south, the smell comes to Guntung.”
The firm has acknowledged the smell from its facilities but maintained that the emissions are not at dangerous levels and do not pose a health risk to residents.
The company said it abides by high safety standards and has measures in place in the event of a leakage.
It also said it conducts regular emergency drills to keep first responders alert for any possible incidents.
SAFETY MEASURES IN PLACE
Pupuk Kalimantan Timur’s vice president for safety and health David Ronaldo Manik said that the firm involves external parties in its safety protocols, including local representatives and the country’s health and disaster agencies.
“If something happens which has an impact on the community, the communication channels need to be clear. We hope there will not be any miscommunication between what happens in the facility and the information outside,” he said.
Mr David explained that the facility has four types of sirens depending on the nature of the incident. The first alerts residents that there has been a minor incident at the plant, and everyone should remain calm, while the second means the incident is being contained internally and only workers have to be evacuated.
The third siren is a signal that there is a leakage and residents could potentially be exposed to danger and people living nearby must be evacuated. The last type is an indicator that the risk has been contained and residents can return to their homes.
Residents in Guntung also take part in these emergency drills and are taught about the different types of sirens activated.
“If the siren is sounded three times, it means there is danger, and we should evacuate to a shelter which has been provided. If the siren is raised, we should be alert and wait for news from Pupuk Kalimantan Timur so we are informed, Guntung resident Hermanto Tutupoho said.
Blackpink ticket scalper held for fraud
Police say woman resold e-tickets for K-pop superstars more than once, leaving ‘Blinks’ empty-handed

Police have arrested a young woman on charges of swindling fans of the K-pop group Blackpink out of at least 700,000 baht by selling e-tickets that had already been sold.
Nattharika “Disco” Yangsuai was arrested at an apartment in the Jorakhae Bua area of Lat Phrao district, Pol Maj Gen Theeradet Thammasuthee, commander of the Metropolitan Police Bureau (MPB) Investigation Division, said on Wednesday.
Ms Nattharika, 26, was wanted on an arrest warrant issued by the Saraburi Provincial Court on April 27 for online fraud. She was named in nine complaints with damages of at least 700,000 baht.
The complaints had been brought to the attention of Police Cyber Taskforce (PCT) officers, who worked with MPB investigators to track down the scammer in the capital.
During questioning, police say, the suspect confessed to the fraud. She told officers that she earned money as a ticket scalper, reselling concert tickets, including those for Blackpink, a famous South Korean girl group and one of the world’s biggest acts.
The K-Pop band featuring Thai superstar Lalisa “Lisa” Manoban brought their Born Pink World Tour to the Suphachalasai National Stadium in Bangkok on Jan 7 and 8. Tickets were priced from 2,000 to 9,600 baht. In response to overwhelming demand, they delivered two “encore” performances this past weekend before 100,000 fans at Rajamangala National Stadium.
Ms Nattharika told investigators she had asked her sisters and friends to buy tickets for the January Blackpink shows online and then resold the e-tickets to fans. The group bought 200 tickets at 9,600 baht each and resold them for between 15,000 and 30,000 baht. All 200 tickets sold out, reaping a handsome profit.
But demand was so high that she continued to get inquiries after the original 200 tickets were gone. She decided to offer the same e-tickets again, even though they had already been resold.
When the fans turned up for the concert, a problem emerged as each ticket had more than one owner. Many disappointed “Blinks”, as the group’s fans are known, were turned away. Subsequently, complaints were filed against the ticket seller.
The suspect was held in police custody for further legal action.
WWII grave robbers on the loose in SE Asian waters
JAKARTA – The recent death of the sole survivor of the World War II sinking of the Australian light cruiser HMAS Perth in Indonesia’s Sunda Strait has brought home renewed attention to hundreds of wartime shipwrecks and the remains of their crewmen lying at the bottom of Southeast Asian seas.
After years of effort, it was only in 2018 that the Australian and Indonesian governments reached agreement on declaring the area around the 7,100-ton Perth and the nearby wreck of the American cruiser USS Houston as a maritime memorial park.
It was nearly too late. Australian Maritime Museum archeologists found that, between 2015 and 2016, about 60% of the Perth’s starboard hull plating was removed in an industrial-scale operation that disturbed the graves of the 357 Australian sailors in the process.
Salvage vessels have reportedly looted as many as 40 other wrecks, the last resting place for thousands of American, British, Australian, Dutch and Japanese sailors in the Java and South China seas and around the fringes of the Pacific and Indian oceans.
Only last month, the Chinese grab dredger Chuan Hoon 68 was reported picking over the wrecks of the British battleship HMS Prince of Wales and the battlecruiser HMS Repulse, sunk by Japanese bombers off Malaysia’s east coast in December 1941 days after the attack on Pearl Harbor.
Royal Navy Museum director-general Dominic Tweddle said in a May 24 statement that the illegal salvage operation has thrown into sharp relief how vulnerable 5,000 similar historic underwater naval sites around the world are to wholesale plundering.
“We are distressed and concerned at the apparent vandalism for personal profit (of the two vessels),” he complained. “They are designated war graves. We are upset at the loss of naval heritage and the impact on the understanding of our Royal Navy history.”
Tweddle said there is a need for a management strategy for the Royal Navy’s underwater heritage to better protect or commemorate the wrecks “including the targeted retrieval of objects.”
“A strategy is vital to determine how to assess and manage these wrecks in the most efficient and effective manner,” he said. “Above all, we must remember the crews who served on these lost ships, and all too often gave their lives in the service of their country.”

Retired Royal Navy Captain Roger Turner, who led the recent successful search for the Japanese ship Montevideo Maru which carried 1,000 Australian prisoners of war to their deaths in 1942, told the Asia Times: “It is quite despicable that the Chinese should be pillaging war graves.”
Reflecting on the value of the scrap, the former nuclear submarine engineer points out that in one application the 200mm thick steel contains a very low level of absorbed radiation suitable for ultra-sensitive nuclear-monitoring devices.
“Post-nuclear-age steel, since about 1940, carries its own radiation signal derived from above-ground nuclear weapons testing, which leads to global fallout being imparted into the steel during the smelting process,” he explains.
As a result, steel from the Repulse and the Prince of Wales, launched in 1916 and 1939 respectively, is more valuable than normal scrap, particularly the 400mm-thick, high-quality armor plating covering parts of the 43,700-ton battleship.
Turner notes that although the anthropogenic element of background radiation has now fallen back to what it was before the 1963 nuclear weapons test ban treaty, diminishing the value of pre-nuclear age scrap, it still carries a premium.
“In comparatively shallow water of about 68 meters, even without the nuclear premium, 40,000 tons of steel at $100 per ton is a fair return,” he says. “Probably getting just half of it would be profitable.”
Malaysian authorities say they are investigating the movements of the 8,300-ton Chuan Hong 68, which has been in Malaysian waters since February and is known for earlier salvaging operations in the Java Sea.
The vessel is suspected of also pillaging the wrecks of the Dutch light cruisers HNLMS de Ruyter and HNLMS Java and the destroyer HNLMS Kortenaer, sunk in the Battle of the Java Sea in early 1942, shortly before the Perth and Houston met the same fate.
In 2017, responding to protests from the Netherlands government, Indonesia declared the area around the three hulks a historic site, using rarely applied 2010 legislation to forbid any anchoring, fishing or diving.
It was too late, however, to prevent the almost total removal of the wrecks of the British heavy cruiser HMS Exeter, and the destroyers HMS Encounter and HMS Electra, which were sunk in the same encounter with the loss of 2,300 lives.
Little is known about the wrecks of other allied warships, including the corvette HMAS Armidale and the destroyer HMAS Voyager, both sunk off the south coast of Timor Leste, the carrier USS Langley (Cilacap) and the destroyers USS Edsall (eastern Indian Ocean), HMS Jupiter (Java Sea) and the HNLMS Van Nes (Bangka).
Among the other hulks are three US submarines and two German U-boats, which had been operating out of Japanese bases in occupied Dutch East Indies and British Malaya and were sunk in the Java Sea in November 1944 and April 1945.
Known Japanese wrecks include the heavy cruiser Ashigura, torpedoed off the Bangka-Belitung islands in June 1945, a light cruiser, eight destroyers and three submarines, one of which lies close to the Krakatoa volcano in the Sunda Strait.
British naval historian Geoffrey Till believes the ultimate solution is for the United Nations Educational, Scientific and Cultural Organization (UNESCO) to draft a common protection policy that can be implemented by individual countries.
“But since countries don’t protect such sites of historic importance, and in many cases don’t have the resources to do so even if they cared, it’s hard not to be despairingly pessimistic about this,” he said.
It is not clear how many commercial salvagers may be involved in the grave robbing, but naval experts place part of the blame on complacent Western governments allowing China’s progressive encroachment on international norms and conventions.
The plundering of the Repulse and the Prince of Wales in 50-meter-deep water off Kuantan isn’t new. In 2013, divers noticed one of the Repulse’s bus-sized brass propellors was missing, something that could only have been done using a heavyweight crane.
Reports a year later claimed explosives were being used to break up both wrecks, the grave of 840 sailors. But the Malaysian government has done little to stop the destruction despite the site being well within the country’s economic exclusion zone (EEZ).
Britain’s Protection of Military Remains Act makes it an offense to interfere with a protected place or to disturb or remove anything from the site. Divers are permitted to visit, but the rule is don’t touch and don’t penetrate.
There is no international law forbidding the practice, however, and outside of the United Kingdom, the sanctions can only be enforced in practice against British citizens, British-flagged ships or vessels landing in Britain.

Sunk by enemy gunfire and torpedoes on March 1, 1942, the Perth and the 9,000-ton Houston were victims of the Japanese invasion force which had completed the conquest of Southeast Asia and was then in the process of occupying the Dutch East Indies.
Able Seaman Frank McGovern, who died last week at 103, was the Perth’s last survivor. But that was only the start of his wartime ordeal, which Australian Prime Minister Anthony Albanese described as “amazing” and McGovern as “an extraordinary Australian.”
In the years following the sinking of the Perth, he endured two years on the notorious Burma Railway, then was aboard a Japanese ship torpedoed by a US submarine in the Philippine Sea while carrying 1,000 prisoners of war to slave factories in Japan.
More than 540 Australians perished, but McGovern and 30 other prisoners escaped and spent three days in a lifeboat before being picked up by another Japanese ship, which delivered them to Japan.
There, McGovern was put to work in a factory, where his spine was fractured during the second of two American air raids in which incendiary bombs devastated large swathes of Tokyo.
Forced to work or face summary execution, the fate that awaited the incapacitated after they were drained of their blood, he managed to survive until the Japanese surrendered on September 2, 1945.
McGovern was one of the first Australians repatriated home, but it took years for him to adjust, confronted with many sad memories – including the death of his elder brother aboard the ill-fated Perth.
The general location of the Perth and the Houston, which lost 700 crewmen in the sinking and during subsequent Japanese internment, has long been known, lying four kilometers apart close to the mouth of the strait separating Java and Sumatra.
Retired Australian navy diver Clive Carlin and compatriot Jack Hammett spent many weekends searching for the two wrecks in 35-meter-deep water, but say they only discovered their exact location from a local fisherman using his own GPS in 1999.
“For me, the Perth is as memorial to the men who sailed in her, in defense of Australia and the Australian way of life,” says Carlin, a long-time Indonesia resident who helped lay an ensign on the wreck during an underwater ceremony on the 60th anniversary of the one-sided battle.

For the Australians, the issue of protecting the wrecks has surfaced again since the discovery of the Montevideo Maru, a converted passenger/cargo ship sunk by the US submarine Sturgeon off the northwest Philippines in July 1942.
Nearly 1,000 Japan-bound Australian PoWs who had been captured in fighting around lightly defended Rabaul on the northern tip of New Britain in Papua New Guinea died in what is still Australia’s worst maritime disaster.
The wreck lies about 100 kilometers west of Luzon’s Cape Bodjeodor on a direct line to its plotted destination on China’s Hainan island. But at a depth of 4,000 meters – the same as the ill-fated Titanic in the North Atlantic – that is unlikely to attract the attention of pillagers.
Manis Leting and Triphie top the 1337 Ventures’ Alpha Startups Pre-Accelerator
Both startups will receive pre-seed funding of up to US$10,813
The two were chosen from the 26 Malaysian startups that joined the cohort
Nine aspiring Malaysian startups showcased their innovative solutions in front of a live audience of investors, industry experts, and fellow entrepreneurs during 1337 Ventures’ much-awaited Alpha Startup Pre-Accelerator programme. The pre-accelerator…Continue Reading
Right-hand man of mastermind in S$39.9m SkillsFuture fraud gets over 13 years’ jail

SINGAPORE: The right-hand man of a mastermind who engineered the largest fraud involving Government funds to date was sentenced to jail for 13 years and nine months on Wednesday (May 31).
Lim Wee Hong David, 44, was part of the syndicate that submitted more than 8,300 fraudulent claims to SkillsFuture Singapore for training course subsidies when no training was conducted.
SkillsFuture was duped into disbursing almost S$40 million (US$29.6m), of which S$21.3 million was laundered away and remains unaccounted for.
Lim pleaded guilty to 15 charges, which include conspiring to convert or transfer criminal proceeds, conspiring to conceal criminal proceeds and forgery of a valuable security. Another 33 charges were considered in sentencing.
The syndicate exploited the SkillsFuture Singapore Course Fee Grant scheme, where business entities in Singapore can apply to SkillsFuture for a subsidy if they send their employees to attend skills training courses with registered training providers.
The masterminds behind the fraud, husband-and-wife pair Ng Cheng Kwee and Lee Lai Leng, registered nine entities as applicant entities or training providers from January 2017.
Lim was roped in as he was Ng’s friend since 2011. He also introduced another co-accused to the couple, who later helped in the criminal scheme.
The group agreed on a scheme to submit false course fee grant claims to cheat SkillsFuture into disbursing training grants.
The mastermind couple used different computers to submit such false claims online, using their relatives’ details and Singpass login credentials.
Between April and October 2017, the nine entities submitted 8,381 course fee grant applications and a corresponding 8,391 claims, lying that three training providers had provided courses to 25,141 employees of the six applicant entities.
Most of the applications and claims were approved automatically, with S$39.9 million disbursed to eight of the nine entities.
After the money was disbursed to the corporate bank accounts of the eight entities, more than S$27.8 million was withdrawn in cash by members of the syndicate.
Lim was involved in the scheme from the start, helping to submit false claims, recruiting a friend to submit false claims and encashing cheques.
He also acted on Ng’s instructions by collecting S$2.6 million in two bags and passing the money to two unknown people.
SkillsFuture noticed that the nine entities used by the syndicate had made abnormally high numbers of course fee grant claim submissions.
It lodged a police report in November 2017.
The prosecution sought at least 168 months to 178 months’ jail for Lim, calling this an unprecedented case of fraud on a public institution.
The public funds allocated to SkillsFuture were meant to help Singapore businesses train and upskill their employees and build a more resilient workforce, said the prosecution.
Instead, Lim and his co-accused pilfered the public funds, causing immense financial losses and reputational harm to SkillsFuture.
Lim’s jail term was backdated to November 2017. He has been on remand for more than five years.
The other members have been sentenced to varying jail terms, with Ng receiving 17 years and nine months’ jail in 2021. His wife was given 14 years’ jail.
SkillsFuture previously said it had acquired new capabilities such as fraud analytics since the incident. It has also put in place new processes to prevent, detect and respond to fraud and abuse.
Top Chinese intelligence official visits Myanmar for ‘cooperation’ talks
The junta has been shunned by many in the international community over its bloody crackdown on dissent, but China has maintained ties with the regime. Myanmar’s military has imported US$267 million in arms and equipment from China since it seized power, including from state-owned entities, the United Nations’ special rapporteurContinue Reading
South Korea experts say more study needed on Japan’s nuclear water plan
SEOUL: South Korean nuclear safety experts who visited Japan’s wrecked Fukushima nuclear power plant said on Wednesday (May 31) that detailed analysis was needed to verify Japan’s plan to release tonnes of contaminated water from it into the sea. The Fukushima Daiichi nuclear station, about 220km northeast of Tokyo, wasContinue Reading