Ex-company director who cheated another firm of more than $1.3m sentenced to 5 years’ jail

SINGAPORE - A former director of a shipbuilding company was sentenced to five years’ jail on Monday after he cheated a financing firm of over $1.3 million by using 10 fake invoices.

Instead, for each of the 10 LMC work orders, there was a corresponding genuine work order between another firm – Lal Offshore Marine – and Keppel FELS. LOM was the sister company of LMC.District Judge Marvin Bay had earlier convicted Vignish of 10 cheating charges after a trial. In his submissions, Deputy Public Prosecutor Suhas Malhotra said that factoring is a process in which a company obtains a loan by assigning a debt owed to the company itself.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

How has Singapore's automotive market changed in the past 10 years?We are all prisoners of the moment. That's true for all things, including cars. Our current moment is dominated by conversations around EVs, spearheaded by the hype that Tesla has garnered. And in this moment, being in the car trade is pretty miserable. 2022 proved to be an extremely tough year for car sales - across the board, new car...
Source: asiaonecom - 🏆 10. / 59 Read more »