Singapore: Sembcorp Marine’s former group finance director was today sentenced to 39 months in prison for falsifying the accounts of the group’s Jurong Shipyard.
Wee Sing Guan used the accounts to cover up some S$300m in trading losses that he had caused, which were incurred on positions held with several different banks.
He hid the losses from the group over three years, starting from the first quarter of 2005 up to the third quarter of 2007. Wee’s offences were discovered in October 2007.
On discovery of the fraud, the total unrealised loss to 11 banks was about S$302.9m, though this was negotiated down to S$294.03m net, before taxes.
Wee was sentenced after pleading guilty to nine of 57 charges. [29/10/14]