$105.5k fines for trio over false declarations, failure to get proper documentation linked to firms
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Singaporeans Wang Fang, Yuan Shuhua, and Singapore permanent resident Wu Lijuan were fined $105,500 in total over false declarations.
ST PHOTO: KELVIN CHNG
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- Wang was fined $66,000 for failing to exercise due diligence as a director of two firms which are CSPs. Wang was also convicted of authorising Wu to perform false filings linked to the information of the beneficial owner and fined $17,000.
- Yuan Shuhua received a $15k fine for false declarations on RH Corporate's annual returns for the financial years ending Dec 31, 2020 and Dec 31, 2021.
- Wu Lijuan was fined $7.5k for falsely declaring herself as the registrable controller of Yilong Corporate.
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SINGAPORE – Three people were fined $105,500 in total over false declarations and failure to obtain proper consent documentation for director appointments linked to different companies.
They are Singaporeans Wang Fang, 44, and Yuan Shuhua, 47, and Singapore permanent resident Wu Lijuan, 37.
In a statement on Oct 31, the Accounting and Corporate Regulatory Authority (Acra) said the trio were registered qualified individuals (RQIs) at the time of the offences.
An RQI is a person who is authorised to act on behalf of a registered corporate service provider (CSP) in transactions with Acra.
CSPs play a vital role in Singapore’s business landscape, not just in setting up companies, but also ensuring a basic level of compliance
Wang was fined $66,000 for failing to exercise due diligence as a director of two firms – CS Corporate & Advisory and CS Business Consultant – which are CSPs.
She had authorised her staff to appoint a man identified as Richard Poh Kim Leng as a director of 58 companies without ensuring he had signed the required consent forms.
Wang was also convicted of authorising Wu to perform false filings linked to the information of the beneficial owner of two other firms – Yilong Corporate and RH Corporate. She was fined another $17,000.
Yuan was fined $15,000 in total after he was convicted of making false declarations on the annual returns of RH Corporate for the financial years ending Dec 31, 2020, and Dec 31, 2021.
Wu was found guilty of falsely declaring she was the registrable controller of Yilong Corporate and fined $7,500.
The trio had committed offences under the Companies Act.
An individual found guilty of failing to obtain proper consent documentation for director appointments can be fined up to $5,000 or jailed for up to a year.
For making false declarations, an offender can be fined up to $50,000, jailed for up to two years, or both.
Under the Corporate Service Providers Act 2024, culprits face penalties of up to $100,000 for non-compliance in anti-money laundering, countering the financing of terrorism, and countering proliferation financing regulations.
Acra can also hold senior management personally liable for corporate offences, and can suspend or cancel the registrations of non-compliant CSPs.
