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[h=2]And the FAP Traitors heck care Sporeans are being squeezed out of the housing market as they also stand to make awesome gain from property market from these crooks.
PRC fugitive sentenced to 15 months imprisonmnt in Singapore[/h]
April 2nd, 2013 |
Author: Editorial
PRC fugitive, Li Huabo, now a Singapore PR. (Photo ST).
PRC fugitive, Li HuaBo, who is wanted by Interpol (for alleged embezzlement in China) was sentenced to 15 months imprisonment today (2 Apr) for receiving stolen money in his Singapore bank accounts.
Singapore subordinate courts Judge doubled Li’s bail to S$160,000 after handing down his verdict, pending a possible appeal.
Li had earlier testified he was coerced into making a confession to police that he masterminded a scheme to embezzle the funds from China before depositing into Singapore bank accounts. In his defence, he denied the charges of receiving stolen money, claiming he was framed by former co-workers. His lawyer said Li will be appealing the verdict.
The Judge had rejected Li’s allegations of coercion and ruled that his confessions were voluntary.
During the trial, Li claimed his personal wealth was built through businesses on the sidelines and not through embezzlement. He said, “They were all my own money.”
Li is currently a Singapore Permanent Resident. He was arrested by the Singapore police and charged for receiving stolen funds last year (‘Singapore PR is a fugitive wanted by China for embezzling 94 million yuan‘).
Li was in fact, a former junior finance bureau officer from Poyang county, Jiangxi province in China, before he fled the China in 2011 after allegedly embezzling 94 million yuan from special funds set up to help the county’s one million poor residents. Li fled with his wife and two teenage daughters, eventually settling in Singapore. He and his family were later given Singapore PR status by the Singapore government.
Li who only earned 3000 yuan (S$583) a month, made counterfeit government seals to endorse official documents and authorized payments for fictitious projects, subsequently diverting the money to an account he and his accomplices had set up. The scheme went on for about five years, after which Li fled China with his family.
Li actually started to plan his move to Singapore in 2010, one year before he fled. He approached Edwin Shieh, the director of ADH Group Co Ltd to facilitate the immigration process. Shieh prepared Li’s application papers for his Singapore PR status. Li quit his job in China and moved to Singapore with his family two months after his PR status was granted in Nov 2010. They even bought a S$1.3 million 3-bedroom apartment in cash to stay in Singapore.
Li obtained his Singapore PR through EDB’s Global Investor Programme (GIP) by investing S$1.5 million into a GIP approved fund (currently, this amount has been raised to S$2.5 million). This helped him and his family to qualify for Singapore PR status. As part of the deception to qualify for GIP, Li did not say he was a Chinese Government official but was the general manager of a firm called Jingdezhen Jingyu New Energy Development.
Li opened several UOB bank accounts and later transferred the supposedly embezzled moneies to these accounts as well as accounts of other PRCs in Singapore.
A police report was filed against Li after Interpol’s Beijing office sought Singapore’s help, which resulted in his arrest.
Meanwhile, back in China, the Poyang county embezzlement case had implicated 57 people in China, including the finance bureau chief who was sentenced to 19 years in jail for his role in the embezzlement.
The case sparked major outrage in China.
Since the 1990s, about 18,000 officials and state employees have fled China with some 800 billion yuan, according to a report by the Chinese central bank. However, Global Financial Integrity, a Washington-based anti-money-laundering watchdog, estimated that as much as US$3.79 trillion in illicit funds flowed out of China from 2000 to 2011.
Since Singapore and China does not have an extradition treaty, even if Li’s appeal fails and has to go to jail, he will still live comfortably as a Singapore PR after his 15-month jail term.
.
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PRC fugitive sentenced to 15 months imprisonmnt in Singapore[/h]
PRC fugitive, Li HuaBo, who is wanted by Interpol (for alleged embezzlement in China) was sentenced to 15 months imprisonment today (2 Apr) for receiving stolen money in his Singapore bank accounts.
Singapore subordinate courts Judge doubled Li’s bail to S$160,000 after handing down his verdict, pending a possible appeal.
Li had earlier testified he was coerced into making a confession to police that he masterminded a scheme to embezzle the funds from China before depositing into Singapore bank accounts. In his defence, he denied the charges of receiving stolen money, claiming he was framed by former co-workers. His lawyer said Li will be appealing the verdict.
The Judge had rejected Li’s allegations of coercion and ruled that his confessions were voluntary.
During the trial, Li claimed his personal wealth was built through businesses on the sidelines and not through embezzlement. He said, “They were all my own money.”
Li is currently a Singapore Permanent Resident. He was arrested by the Singapore police and charged for receiving stolen funds last year (‘Singapore PR is a fugitive wanted by China for embezzling 94 million yuan‘).
Li was in fact, a former junior finance bureau officer from Poyang county, Jiangxi province in China, before he fled the China in 2011 after allegedly embezzling 94 million yuan from special funds set up to help the county’s one million poor residents. Li fled with his wife and two teenage daughters, eventually settling in Singapore. He and his family were later given Singapore PR status by the Singapore government.
Li who only earned 3000 yuan (S$583) a month, made counterfeit government seals to endorse official documents and authorized payments for fictitious projects, subsequently diverting the money to an account he and his accomplices had set up. The scheme went on for about five years, after which Li fled China with his family.
Li actually started to plan his move to Singapore in 2010, one year before he fled. He approached Edwin Shieh, the director of ADH Group Co Ltd to facilitate the immigration process. Shieh prepared Li’s application papers for his Singapore PR status. Li quit his job in China and moved to Singapore with his family two months after his PR status was granted in Nov 2010. They even bought a S$1.3 million 3-bedroom apartment in cash to stay in Singapore.
Li obtained his Singapore PR through EDB’s Global Investor Programme (GIP) by investing S$1.5 million into a GIP approved fund (currently, this amount has been raised to S$2.5 million). This helped him and his family to qualify for Singapore PR status. As part of the deception to qualify for GIP, Li did not say he was a Chinese Government official but was the general manager of a firm called Jingdezhen Jingyu New Energy Development.
Li opened several UOB bank accounts and later transferred the supposedly embezzled moneies to these accounts as well as accounts of other PRCs in Singapore.
A police report was filed against Li after Interpol’s Beijing office sought Singapore’s help, which resulted in his arrest.
Meanwhile, back in China, the Poyang county embezzlement case had implicated 57 people in China, including the finance bureau chief who was sentenced to 19 years in jail for his role in the embezzlement.
The case sparked major outrage in China.
Since the 1990s, about 18,000 officials and state employees have fled China with some 800 billion yuan, according to a report by the Chinese central bank. However, Global Financial Integrity, a Washington-based anti-money-laundering watchdog, estimated that as much as US$3.79 trillion in illicit funds flowed out of China from 2000 to 2011.
Since Singapore and China does not have an extradition treaty, even if Li’s appeal fails and has to go to jail, he will still live comfortably as a Singapore PR after his 15-month jail term.
.
Join our TRE facebook page here: http://www.facebook.com/TREmeritus
