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SINGAPORE \u2013 A former corporate service provider (CSP) who was behind at least 185 active companies in 2023 has been convicted of conspiring to cheat the Inland Revenue Authority of Singapore (IRAS).<\/p>\n
The Straits Times had in September 2023 revealed that Wang Junjie, 43, was involved in nine companies<\/span><\/a> linked to three out of 10 convicted foreigners behind a $3 billion money laundering case, which was Singapore\u2019s largest.<\/p>\n On June 3, Wang, who was a resident at a Housing Board flat in Bedok in 2023, pleaded guilty to conspiring to cheat IRAS by making false representations in his capacity as director of a software company, Yihao Cyber Technologies. It was linked to Su Haijin, one of the 10 foreigners. Wang also pleaded guilty to breaching his duties as a nominee company director in the same firm.<\/p>\n Wang, a naturalised Singaporean originally from Shanghai, will return to court on July 16 to be sentenced, with 13 similar charges to be taken into consideration.<\/p>\n The 10 foreigners were sentenced to between 13 and 17 months\u2019 jail<\/span><\/a> on charges relating to money laundering, fraud and forgery. All have been deported and barred from re-entering Singapore after serving their jail terms.<\/p>\n Wang had initially claimed trial but, on the first day, June 2, indicated he wanted to plead guilty. He did so on June 3.<\/p>\n Court documents show that Wang had run his own business, LW Business Consultancy, between 2018 and 2023.<\/p>\n On June 3, the court heard that Wang provided accounting, taxation, consultancy and corporate secretarial services. He did not possess any accounting qualifications. He would also assist his clients in book-keeping and applications for renewing their employment or dependant passes.<\/p>\n The prosecution said Wang\u2019s clients included companies belonging to Su Haijin and to Su Baolin, another of the 10 convicted foreigners. Both men were from Fujian. Su Baolin had been sentenced to 14 months\u2019 jail<\/span><\/a> on April 29, 2024, and was deported to Cambodia on May 25, 2024.<\/p>\n Su Haijin had also been sentenced to 14 months\u2019 jail<\/span><\/a> on April 4, 2024, and was deported to Cambodia on May 28 that year.<\/p>\n Court documents show Su Baolin had engaged Wang to be the CSP of his firm, Xinbao Investment Holdings, around Aug 2, 2018. Wang acted as Xinbao Investment\u2019s corporate secretary between Aug 2, 2018, and Aug 16, 2021, and between April 5, 2023, and Oct 31, 2023. He was also the company\u2019s director between Aug 2, 2018, and Dec 22, 2023.<\/p>\n Meanwhile, Su Haijin engaged Wang to act as the CSP of his firm, Yihao Cyber Technologies, around Oct 19, 2018.<\/p>\n Wang acted as the firm\u2019s secretary between Oct 19, 2018, and Aug 31, 2023. He also acted as the firm\u2019s director between Jan 3, 2021, and Feb 7, 2022.<\/p>\n The prosecution said Wang had helped to prepare Yihao Cyber\u2019s financial statements between 2018 and 2023.<\/p>\n Between 2020 and 2022, he admitted to making false representations to IRAS by coming up with figures that would be approved by Su Haijin, instead of relying on proper documentation.<\/p>\n Wang had forged business agreements between Yihao Cyber and other companies, including SG Gree, where Su Haijin and Su Baolin were shareholders.<\/p>\n Wang also admitted that Yihao Cyber had no genuine sources of revenue in Singapore and did not employ any staff. He did not conduct further due diligence on the firm.<\/p>\n Wang said Su Haijin had told him he needed the appearance of having a profitable business in Singapore as he was looking to increase his chances of becoming a permanent resident here.<\/p>\n On Jan 18, 2024, the Accounting and Corporate Regulatory Authority cancelled Wang\u2019s registration<\/span><\/a> as a qualified individual, and his firm\u2019s registration as a filing agent.<\/p>\n<\/div>\n SINGAPORE \u2013 A former corporate service provider (CSP) who was behind at least 185 active companies in 2023 has been convicted of conspiring to cheat…<\/p>\n","protected":false},"author":1,"featured_media":57923,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[2611],"tags":[],"class_list":["post-57922","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buzz-headlines","wpcat-2611-id"],"_links":{"self":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/57922","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=57922"}],"version-history":[{"count":0,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/57922\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/media\/57923"}],"wp:attachment":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=57922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=57922"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=57922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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