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

📆 06/02/2023 13:37:00
📰 straits_times

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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. Read more at straitstimes.com.

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.

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