SINGAPORE: The director of a timber and flooring company was charged on Wednesday (Jul 25) with cheating banks of more than S$5 million over four years.
Jason Sim Chon Ang, the 52-year-old director of Jason Parquet Specialist (Singapore), faces 16 cheating charges and two charges for offences under the Companies Act.
AdvertisementBetween 2011 and 2015, Sim allegedly cheated several banks: DBS Bank, Standard Chartered Bank, Malayan Banking Berhad, Australia and New Zealand Banking Group, United Overseas Bank and RHB Bank Berhad.
The banks were allegedly deceived into delivering large sums of money ranging from S$38,000 to S$538,000 to companies Sim was working with for the purported delivery of goods such as timber and flooring. The goods were not delivered.
Sim allegedly worked with Tan Ang Piaw - the 63-year-old Malaysian director of Sit Ley Timber who was also charged on Wednesday.
Tan faces nine charges of abetting Sim in cheating and is out on bail of S$50,000.
AdvertisementAdvertisementAnother alleged accomplice, 57-year-old Singaporean Tjioe Chi Minh, 57, the director of Tati Trading, was given five charges of abetting Sim in cheating.
For cheating and dishonestly inducing a delivery of property, the men can be jailed for up to 10 years and fined.
Let's block ads! (Why?)
More...