Appeal dismissed for duo who cheated Singapore banks by concealing firms' foreign ownership

THE High Court has dismissed the appeal of Andruew Tang You Liang and Koryagin Vadim, who were convicted last year of conspiracy to deceive 2 banks in Singapore by falsely declaring the beneficial ownership of several companies.

Justice Kannan Ramesh highlighted that the false declarations hindered the checks carried out by the banks and thus made it more likely for the reputation of OCBC and Maybank Singapore to be harmed.

He upheld the sentences that were imposed in September 2021, which entailed 4 weeks' jail for Russian national Vadim and 2 weeks' jail for Singaporean Tang.