SUNSHINE Empire generated a revenue of $189 million in just over a year, a Deputy Public Prosecutor told a bail court on Tuesday.
Deputy Public Prosecutor April Phang was giving her reasons why prosecution was seeking a high bail of $800,000 for each of the three men, Phang Wah, Jackie Hoo and Yong Wai Hong, and $600,00 for Phang's wife, Neo Kuon Huay.
The four were charged on Tuesday morning with various offences under the Penal Code and Companies Act.
DPP Phang argued that Phang, 49, and Hoo, 29, faced serious charges, including criminal breach of trust as an agent amounting to almost $1 million.
The duo are also accused of running a fraudulent business of a money circulation scheme involving millions of dollars raised from the general public.
With a mere paid-up capital of $150,000, Sunshine managed to collect $189 million between August 2006 and November 2007.
Phang's wife's charges of falsifying accounts totalled more than $592,896. The 46-year-old also faces one charge of making a false declaration amounting to $100,000.
Yong, 27, is accused of falsely declaring amounts of about $1.45 million. The false declarations had given participants the false sense that Sunshine's affiliate companies were strong financially, said DPP Phang.
She said Yong, chairman/chief executive officer of a Hongkong-listed company known as Emcom International, travelled frequently and might choose to remain in Hongkong and not return.
Mr Subhas Anandan, together with Mr Noor Mohamed Marican, argued that $300,000 bail each for Phang and Hoo, $150,000 for Neo, and $60,000 for Yong would be sufficient as they had roots in Singapore and wanted to stay here to clear their names.
District Judge John Ng set bail at $600,000 for each of them. Their passports were impounded.
'The charges against each of the accused person cannot be looked at in isolation. The charges are serious in nature and the quantum involved is substantial,'' he said.
