Qinthara Fasya | 7 January 2022
Former Chief Financial Officer of Agritrade International Pte Ltd (“Agritrade International”), was charged in court with an additional six charges of cheating under Section 420 of the Penal Code, Chapter 224.
The charges relate to her allegedly deceiving three financial institutions into believing that the consolidated financial statements for Agritrade International and its subsidiary companies for the years between 2016 and 2018 were audited, a fact which she knew to be false. By such manner of deception, she was believed to have dishonestly induced the three financial institutions to deliver money through credit facilities to Agritrade International. The total sum involved in the six charges is up to US$475 million in drawdowns from credit facilities.
With the latest charges, now faces a total of 20 charges – 19 counts of cheating and one count of abetting the falsification of accounts under Section 477A read with Section 109 of the Penal Code. Investigations are ongoing.
The offences of cheating punishable under Section 420 of the Penal Code, carry an imprisonment term of up to 10 years and a fine. The offence of falsification of accounts, punishable under Section 477A read with Section 109 of the Penal Code, carries an imprisonment term of up to 10 years, a fine, or both.