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.
A third of the companies have been struck off the Accounting and Corporate Regulatory Authority business registry. The 41-year-old was not at his Housing Board flat in Bedok when The Straits Times checked on Aug 23. In a call to ST later that night, he said that he was in business with one of the suspects.
JJ added: “But when I read the news of his arrest, I saw that the police had seized cash from him. So I suspect he had the money but did not want to return what he owed me. I am a victim here.”More charges in billion-dollar money laundering case; $400m in assets seized from 2 suspects alone 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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