Dishonest Doings Discovered

The integrity and reputation of Singapore’s financial system can be tarnished by individuals who seek to circumvent sound anti-money laundering safeguards through dishonest means.

2. CPIB has investigated a number of individuals who acted as nominee directors for foreign-owned, Singapore-incorporated companies. These individuals opened bank accounts under the names of these companies by declaring to the banks that they were the ultimate beneficial owners of these companies, when they were not.

3. On 13 December 2019, five individuals were charged in court with the following:

a) Koryagin Vadim, 51-year-old Russian

i. Four counts of cheating various banks by concealing the ultimate beneficial ownership of various companies from these banks, which are offences punishable under Section 417 of the Penal Code, Chapter 224. As such, the banks were induced to omit to consider the true ultimate beneficial ownership when deciding whether the bank accounts should be opened.

ii. 26 counts of engaging in a conspiracy with several other individuals to cheat various banks by concealing the ultimate beneficial ownership of numerous companies from these banks, which are offences punishable under Section 417 read with Section 109 of the Penal Code, Chapter 224.

b) Tang You Liang Andruew (鄧有量), 30-year-old Singaporean

i. Four counts of engaging in a conspiracy with Koryagin Vadim (“Vadim”) to cheat various banks by concealing the ultimate beneficial ownership of various companies from these banks, which are offences punishable under Section 417 read with Section 109 of the Penal Code, Chapter 224.

c) Joel Sam Thomas, 35-year-old Singaporean

i. Four counts of engaging in a conspiracy with Vadim to cheat various banks by concealing the ultimate beneficial ownership of various companies from these banks, which are offences punishable under Section 417 read with Section 109 of the Penal Code, Chapter 224.

d) Seet Mei Siah (薛美霞), 62-year-old Singaporean

i. Three counts of engaging in a conspiracy with Vadim to cheat various banks by concealing the ultimate beneficial ownership of various companies from these banks, which are offences punishable under Section 417 read with Section 109 of the Penal Code, Chapter 224.

e) Phee Sim Gek (彭心月), 41-year-old Singaporean

i. Four counts of engaging in a conspiracy with Vadim to cheat various banks by concealing the ultimate beneficial ownership of various companies from these banks, which are offences punishable under Section 417 read with Section 109 of the Penal Code, Chapter 224.

4. Singapore adopts a strict zero-tolerance approach towards corruption and any other criminal activity. Any person who is convicted of a cheating offence can be sentenced to imprisonment of up to 3 years or be fined, or to both.

Corrupt Practices Investigation Bureau