Jail for group financial controller of logistics services firm who misappropriated over $35k
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Lim Lei Ming did so by writing cheques authorising payments from the company to his and his family members’ bank accounts.
PHOTO: ST FILE
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- Lim Lei Ming siphoned $35,500 from Altus Oil & Gas Services by issuing company cheques to himself and family from March 2019 to Sept 2020.
- He falsified accounting records to conceal the misappropriation, claiming the money was for company expenses, but used it for personal expenses.
- Lim was sentenced to six months and two weeks in jail for criminal breach of trust and falsifying accounts; he has made no restitution to date.
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SINGAPORE – While working as a group financial controller for his company, a man siphoned $35,500 from the firm’s coffers over 1½ years.
Lim Lei Ming, 39, did so by writing cheques authorising payments from the company to his and his family members’ bank accounts.
On Dec 3, Lim was sentenced to six months and two weeks in jail after he pleaded guilty to two counts of criminal breach of trust and one count of falsification of accounts.
Five other charges of the same nature and one charge of forgery were taken into consideration for the Malaysian national’s sentencing.
The court heard that in August 2018, Lim started working as a group financial controller at Altus Oil & Gas Services, which handles freight and logistic arrangements for oil and gas companies in South-east Asia.
Lim’s job scope included overseeing the firm’s cash flow and accounts, and ensuring that payments were made to its vendors.
He had full access to the company’s electronic accounting system and was one of the authorised signatories for transactions involving its corporate bank account.
At the time, the firm had a practice of maintaining a certain number of cheques pre-signed by another signatory, the general manager of Altus, to facilitate making payments at short notice.
From March 2019 to September 2020, Lim began signing off on cheques authorising payments to be made from Altus’ corporate bank account to accounts belonging to his wife, brother-in-law and himself.
He would then cash the cheques and withdraw the money to use for his personal expenses.
To conceal his tracks, Lim would then access Altus’ electronic accounting system and alter the records to falsely indicate that the withdrawn money was used for the firm’s expenses.
Deputy Public Prosecutor Yee Jia Rong said that Lim misappropriated a total of $35,500 and has made no restitution to date.
In October 2023, an accounting consultant auditing the company’s financial records made a police report after he suspected that some transactions and documentation were fraudulent.
Lim was arrested on July 14 and charged in court two days later.
DPP Yee asked for Lim to be jailed for between seven and nine months, noting the high degree of abuse of trust and the premeditation and planning involved in his offences.
In mitigation, Lim’s lawyer, Ms Ning Jie from Ho & Wee law firm, said her client was deeply remorseful and has cooperated with the authorities.
“My client has otherwise been law-abiding and gainfully employed to support his family,” said Ms Ning.
District Judge Janet Wang said that while Lim had no previous criminal records, he can hardly be described as a first offender, given the sustained pattern of offending in this case.
For criminal breach of trust, Lim could have been jailed for up to 15 years and fined for each charge. For falsification of accounts, he could have faced up to 10 years’ jail or fine, or both, for each charge.
