Singaporean who helped foreigner buy restricted property worth over S$6 million gets jail

Singaporean who helped foreigner buy restricted property worth over S$6 million gets jail

A Singaporean man was given a jail sentence on Tuesday ( Mar 5 ) for assisting a foreigner in purchasing more than$ 6 million ( US$ 4.5 million ) worth of restricted property.

Tan Hui Meng, a 57-year-old undischarged bankrupt, received a two-year, three-month, and three-week sentence and a$ 3,000 fine.

He has the right to file an appeal against his word and faith.

He contested his accusations, but he was found guilty of eight counts of breaking the Residential Property Act, Oaths and Declarations Act, Land Titles Act, and Housing and Development Act.

The charges involve funding the purchase of three landed homes along East Coast Road, as well as providing false information or statements to various government regarding the houses ‘ ownership.

In either his capacity as the chairman of Hwampoa, a geographically designed company, Tan had purchased two of the houses. Nevertheless, he purchased the properties with the intention of holding them in trust for his associate, Zhan Guotuan, a Chinese business.

Additionally, Tan even gave Guan Aimei, another Singaporean who is a co-accused in the case, the order to purchase the next home for Zhan.

Foreign nationals may obtain owner’s permission to own the three houses in accordance with the Residential Property Act.

Zhan intended to build a property in their area along the bend of East Coast Road where the three components are located. According to the trial, this is comparable to what was done in earlier jobs by his businesses.

According to the prosecution, Zhan owned shares in about 100 businesses in China, as well as those in Indonesia, Laos, and Thailand. He was also a successful business.

His annual salary at the time of the crimes, which occurred in 2007 and 2008, was about S$ 7 million.

Through the Global Investor Program of the Economic Development Board, Zhan committed to engage about S$ 1.5 million in Singapore along with his two sons when he applied for permanent residency there.

He and Tan met in Singapore in 2003 or 2004, and they both became residents of Singapore in 2003 or 2004.

Tan worked as a business director, accountant, and auditor professionally at the time. Tan helped Tan with his opportunities because he was acquainted with Singapore’s laws.

Tan eventually assisted Zhan in starting some businesses, but he was given the reins to oversee the financial facets of the businesses because Zhan’s main office was located far outside of Singapore.

Zhan specialized in real estate development. He may use his businesses to purchase landed properties in Singapore, tear down the buildings, construct small-scale condominiums on the property, and buy the units at the new developments.

Tan assisted him in starting the home development firm Alphaland and Xin An, the major contractors for the advancements.

In three reconstruction jobs, Rosyth Residence, Tembeling Court, and Ceylon Residence, this business strategy was properly implemented. For a profit, the units were sold.

Tan argued at trial that he had bought the three East Coast Road components for himself.

He asserted that the decision to purchase seven products at East Coast Road was his own.