Director of 186 companies gets fined after scammers used one firm to launder $3.2m
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SINGAPORE - A jobless Singaporean who became nominee director of 186 companies here was on Wednesday (Sept 27) fined for failing to exercise reasonable diligence in his duty as director, the second person in three days to be taken to task for the offence. SDirector of 186 companies gets fined after scammers used one firm to launder $3.2m
SINGAPORE - A jobless Singaporean who became nominee director of 186 companies here was on Wednesday (Sept 27) fined for failing to exercise reasonable diligence in his duty as director, the second person in three days to be taken to task for the offence. Singaporean Er Beng Hwa got to know a Chinese national in 2020 during the Covid-19 pandemic, who offered him $50 a year for each firm incorporated here in which he was named as nominee director. The 49-year-old was promised another $50 each time he opened a bank account for the firms, and if he had to turn up to sign papers. One of the firms was later used by scammers to launder a total of US$2.36 million (S$3.23 million) from victims overseas. Er, also known as Adrian, was fined $4,000 after he pleaded guilty to one charge of failing to exercise reasonable diligence in his duty as a director. He was also disqualified from being a company director for three years. Another similar charge involving a separate company was taken into consideration during sentencing. Read more