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SINGAPORE: A man who conspired with one of the 10 offenders in the S$3 billion (US$2.33 billion) money laundering case to lie to the Inland Revenue Authority of Singapore (IRAS) about the state of a company’s books was sentenced to jail on Thursday (Jul 16).<\/p>\n
Wang Junjie, a 43-year-old Singaporean, was jailed for 32 weeks and disqualified from being a director of any company for five years.<\/p>\n
He had earlier pleaded guilty to a charge of conspiring with Su Haijin to make false representations to IRAS about the revenue, gross profits and trade receivables of Su Haijin’s company, Yihao Cyber Technologies.<\/p>\n
He also admitted to a charge of failing to act honestly as a director of Yihao Cyber Technologies, by falsifying accounts and forging contracts.<\/p>\n
Another 13 charges were taken into consideration.<\/p>\n
While Wang’s lawyer argued that his client made no material gains other than his professional fees as a corporate service provider, the judge said it was not about the amount but Wang’s conduct in the position he was in.<\/p>\n
“You know, the way we work in Singapore, they want to make it as easy, as convenient for most businesses,” said District Judge John Ng.<\/p>\n
“We are all trying to comply with the regulations which the (Accounting and Corporate Regulatory Authority) is trying to make as plain and easy … but actually, the trust level has to be high,” he said.<\/p>\n
He explained that once trust is broken and the system is abused, “we have to come down hard”, and a heavy punishment is in order.<\/p>\n
Wang worked for companies where Su Haijin and co-accused Su Baolin were directors and helped create the appearance that one of the companies was profitable despite it having no legitimate business activity in Singapore.<\/p>\n
Su Baolin, a Cambodian national, and Su Haijin, a Cypriot national, were among the 10 offenders convicted and jailed in the S$3 billion money laundering case, the largest such operation uncovered in Singapore and believed to be one of the largest globally.<\/p>\n
Wang was employed by his own company, LW Business Consultancy, as a corporate service provider from 2018 to 2023.<\/p>\n
The consultancy provided clients with corporate secretarial, accounting and taxation services. It also helped clients apply for and renew employment and dependent passes.<\/p>\n
From 2018 to 2023, Wang acted as the corporate secretary and director of Xinbao Investment Holdings, a company of which Su Baolin was a director.<\/p>\n
He was also company secretary of Su Haijin’s company Yihao Cyber Technologies between 2018 and 2023, helping prepare financial statements for certain years.<\/p>\n
Yihao Cyber Technologies appeared to develop software and applications, but in reality did not have a legitimate business operation in Singapore.<\/p>\n
Wang also helped Su Haijin renew his employment pass and his family’s dependent passes.<\/p>\n
From 2020 to 2022, Wang and Su Haijin conspired to submit false information to IRAS about the company’s finances.<\/p>\n
Wang filed tax returns that falsely reflected the company’s revenue, gross profits and trade receivables, despite knowing that the figures were not derived using proper accounting methods.<\/p>\n
In one filing made in October 2022 for the company’s 2021 financial year, Wang declared that Yihao Cyber Technologies had revenue of S$804,969 and gross profits of the same amount.<\/p>\n
He indicated that the company’s total income or loss before donations was S$192,924, and the total income or loss after donations was negative S$102,700. The figures resulted in an estimated tax liability of zero.<\/p>\n
The false representations to IRAS were intended to make Yihao Cyber Technologies appear profitable, as Su Haijin believed this would improve his chances of obtaining permanent residency in Singapore.<\/p>\n
Wang also made false representations to the Ministry of Manpower to support Su Haijin’s employment pass renewal application.<\/p>\n
The prosecution on Thursday sought eight to 10 months’ jail for Wang, based on his culpability.<\/p>\n
They said he did not simply act as a corporate service provider or nominee director but used these positions to aid the Sus in committing offences.<\/p>\n
They said he played a “pivotal role” in the commission of the offences through actions such as discussing false financials and how to manipulate figures with them.<\/p>\n
Wang’s lawyer, Mr Wee Pan Lee, sought three to four months’ jail instead, saying his client did not gain materially other than what he earned professionally in terms of corporate service provider fees.<\/p>\n
In the years Wang served the companies and the two Sus, he earned an average of S$1,000 to S$1,200 per month for each company, said Mr Wee.<\/p>\n
Su Haijin and Su Baolin were each sentenced to 14 months’ jail in April 2024.<\/p>\n
For conspiring to fraudulently make false representations to IRAS, Wang could have been jailed for up to 20 years and fined.<\/p>\n
For failing to act honestly as director of a company, he could have been jailed for up to 12 months or fined up to S$5,000.<\/p>\n<\/div>\n
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