D
Da Qiao
Guest
Oct 23, 2010
Fine, jail for ex-JEL CEO
He is last of 4 men sentenced for plot over inflated profits
By Francis Chan, Companies Correspondent
Tan, jailed for a year, is out on bail pending an appeal against the sentence. -- ST PHOTO: WONG KWAI CHOW
FORMER JEL Corp chief executive Eric Tan Boon Yong was sentenced yesterday to one year in jail and a $280,000 fine for his role in an elaborate plan to falsely inflate the firm's profits. Tan, 53, pleaded guilty to 14 charges under the Penal Code, Securities and Futures Act and Companies Act, with 80 other charges taken into consideration.
He was accused mainly of conspiring with three other JEL executives to artificially pad the firm's profits by about $6.4 million in the 2006 financial year to cover up revenue loss. He is out on $100,000 bail pending an appeal against the sentence imposed by the Subordinate Courts.
JEL, a Singapore-listed consumer electronics distribution firm, was incorporated in 2001. Aside from being its CEO, Tan was also its executive chairman and executive director. He was charged in May, together with former JEL deputy chief executive and chief financial officer Wee Teck Han, 37, and group financial controller Alex Ng Soon Heng, 33, for their part in the racket.
Read the full story in Saturday's edition of The Straits Times.
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