Singapore charges former Agritrade CFO with cheating, police say By Reuters
SINGAPORE (Reuters) – Singapore has charged the former chief financial officer of collapsed commodity trader Agritrade International Pte Ltd (AIPL) with cheating, police said in a statement on Monday.
Investigations against Agritrade International, which collapsed last year https://www.reuters.com/article/us-singapore-agritrade-international-exc-idUSKCN24M22I amid fraud allegations, Lim Beng Kim Lulu and other officers of the company are ongoing, police said.
Lulu Lim, AIPL and other officers could not be reached to comment.
According to police, the charges of cheating and dishonestly causing the delivery of property were brought against Lulu Lim on Saturday.
They said it relates to Lulu Lim’s alleged leadership of the Singapore Branch of Shanghai Pudong Development Bank believing that 19 bills, which can be used for shipping purposes, were legally and validly pledged in their favour.
The bank then paid $19.9 million in October 2019 to Agritrade Supplier, according to the police statement.
Lulu Lim could be sentenced to up to 10 year imprisonment and a maximum of a $500,000 fine if convicted.
Lulu Lim could be sentenced to up to 10 years imprisonment and a fine. This was just one of a series of financial scams which rocked Asian commodities companies last year.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.