Bedok resident behind 185 companies; nine are linked to billion-dollar money laundering bust

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Experts say it is not possible for an individual to be involved in so many companies. Read more at straitstimes.com.

SINGAPORE - The listing of a Singapore resident as director, secretary and shareholder of 185 companies here has sparked concerns, after it emerged that several of the firms were linked to three of theExperts say it is not possible for an individual to be involved in so many companies, adding that such appointments should raise a red flag.

The three foreign nationals originally from China were charged in court with various offences including money laundering, forgery and resisting arrest. They were arrested by police duringAccounting and Corporate Regulatory Authority records showed that JJ was appointed director, secretary or shareholder of the same nine companies.

“Not a single cent of the director’s fee, and not a single cent of an employee’s salary,” said JJ in Mandarin, who added that he will make a police report because he received nothing in return. However, ST found that JJ holds secretarial positions in Yihao Cyber Technologies, Daily Glory International, and Aiqinhai Investment, three firms where Su was listed as a director.

These individuals act as the secretary to many different companies, and they are in charge of ensuring the company’s annual returns are filed on time, among other responsibilities. “However, even nominee directors are still responsible for compliance and that increases the risk and cost of . Prof Hu suggested that the purpose of having multiple companies is to move money around, which makes it difficult for regulators to trace the source of funds.

 

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