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[h=2]Singapore PR is a fugitive wanted by China for embezzling 94 million yuan[/h]
August 26th, 2012 |
Author: Editorial
A Singapore Permanent Resident (PR) from China has been arrested by the police and charged for allegedly receiving stolen funds.
Mr Li HuaBo was charged on 27th January this year with three counts of receiving stolen money totalling $182,723, offences which he allegedly committed in Singapore.
The stolen funds were allegedly transferred to his United Overseas Bank account in three sums – S$73,939, S$35,009 and S$73,775 – between 6th Dec 2010 and 15th Jan 2011.
The Commercial Affairs Department has also frozen about S$1.8 million of his assets here, suspected to be the proceeds of crime.
Represented by lawyer Mr Subhas Anandan and Mr Sunil Sudheesan, the 50-year-old is currently out on a S$80,000 bail and has claimed trial, scheduled for next month.
Shockingly, Li was discovered to be a former a Mainland Chinese official who is wanted by the Chinese authorities for alleged embezzlement, a fact which he reportedly confessed to a colleague on 11th Feb this year.
According to Chinese news reports, Li was a former junior finance bureau officer from Po Yang county, Jiangxi province in China, before he fled the country after allegedly embezzling 94 million yuan (approximately S$18 million).
The money which Li and his accomplices allegedly stole came from special funds for helping the county’s one million poor residents. As Po Yang was designated as a poor county, the Chinese government had allocated these funds for infrastructure projects and disaster aid, among other things.
Li and his accomplices had allegedly made counterfeit government seals to endorse official documents and authorized payments for fictitious projects, subsequently diverting the money to an account they had set up.
The supposed scheme went on for about five years, after which Li fled the country with his wife and two teenage daughters, eventually settling in Singapore and even acquiring Singapore PR status.
Li is reportedly an investor with The Enterprise Fund II (sponsored by IE Singapore, the national agency under Singapore’s Ministry of Trade and Industry), having sunk S$1.5 million into it.
Since Li has attained Singapore PR status and China has no extradition treaty with Singapore, Li technically needs not return to China to “face the music” after he has served his sentence (assuming he is convicted for the receiving stolen funds charges), unless his PR status is revoked and he is deported.
It is not known why Singapore would want to grant PR status to a fugitive from China and worse, decided to accept his illicit money for investment into IE Singapore’s The Enterprise Fund II. Doesn’t IE Singapore run checks before taking in any money? Are the Singapore Government so desperate for foreign investments to the extent that it will accept monies of “any colors” from just anyone?
.
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A Singapore Permanent Resident (PR) from China has been arrested by the police and charged for allegedly receiving stolen funds.
Mr Li HuaBo was charged on 27th January this year with three counts of receiving stolen money totalling $182,723, offences which he allegedly committed in Singapore.
The stolen funds were allegedly transferred to his United Overseas Bank account in three sums – S$73,939, S$35,009 and S$73,775 – between 6th Dec 2010 and 15th Jan 2011.
The Commercial Affairs Department has also frozen about S$1.8 million of his assets here, suspected to be the proceeds of crime.
Represented by lawyer Mr Subhas Anandan and Mr Sunil Sudheesan, the 50-year-old is currently out on a S$80,000 bail and has claimed trial, scheduled for next month.
Shockingly, Li was discovered to be a former a Mainland Chinese official who is wanted by the Chinese authorities for alleged embezzlement, a fact which he reportedly confessed to a colleague on 11th Feb this year.
According to Chinese news reports, Li was a former junior finance bureau officer from Po Yang county, Jiangxi province in China, before he fled the country after allegedly embezzling 94 million yuan (approximately S$18 million).
The money which Li and his accomplices allegedly stole came from special funds for helping the county’s one million poor residents. As Po Yang was designated as a poor county, the Chinese government had allocated these funds for infrastructure projects and disaster aid, among other things.
Li and his accomplices had allegedly made counterfeit government seals to endorse official documents and authorized payments for fictitious projects, subsequently diverting the money to an account they had set up.
The supposed scheme went on for about five years, after which Li fled the country with his wife and two teenage daughters, eventually settling in Singapore and even acquiring Singapore PR status.
Li is reportedly an investor with The Enterprise Fund II (sponsored by IE Singapore, the national agency under Singapore’s Ministry of Trade and Industry), having sunk S$1.5 million into it.
Since Li has attained Singapore PR status and China has no extradition treaty with Singapore, Li technically needs not return to China to “face the music” after he has served his sentence (assuming he is convicted for the receiving stolen funds charges), unless his PR status is revoked and he is deported.
It is not known why Singapore would want to grant PR status to a fugitive from China and worse, decided to accept his illicit money for investment into IE Singapore’s The Enterprise Fund II. Doesn’t IE Singapore run checks before taking in any money? Are the Singapore Government so desperate for foreign investments to the extent that it will accept monies of “any colors” from just anyone?
.
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