Three individuals fined S$105,500 for false declarations, consent lapses
They will be barred from acting as directors for five years following convictions
[SINGAPORE] Three individuals who worked as registered qualified individuals for corporate service providers have been fined a total of S$105,500 and banned from acting as company directors for five years.
Wang Fang, Yuan Shuhua and Wu Lijuan faced a total of 64 charges under the Companies Act 1967 relating to false declarations and failure to obtain proper consent documentation for director appointments.
A registered qualified individual is a person authorised to act on behalf of a registered corporate service provider in transactions with the Accounting and Corporate Regulatory Authority (Acra).
Wang was fined S$66,000 for failing to exercise due diligence as a director of CS Corporate & Advisory and CS Business Consultant. She had authorised her staff to appoint Richard Poh as a director of 58 companies without ensuring he had signed the proper consent forms.
Wang received an additional S$17,000 fine for authorising Wu to perform false filings concerning beneficial owner information for Yilong Corporate and RH Corporate.
Yuan was fined S$15,000 for making false declarations on RH Corporate’s annual returns for the financial years ending Dec 31, 2020, and Dec 31, 2021. She had falsely declared the company was exempted from maintaining a Register of Registrable Controllers when it was not eligible for such exemption.
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Wu was fined S$7,500 for falsely declaring herself as the registrable controller of Yilong Corporate.
Under the Companies Act 1967, the three individuals will be disqualified from acting as directors of any company for five years from their conviction date. They will also be barred from taking part in the management of any local or foreign company during this period.
Acra emphasised that corporate service providers play an important role in maintaining the integrity of Singapore’s business landscape.
Under the Act, individuals found guilty of failing to obtain proper consent documentation for director appointments may be fined up to S$5,000 or jailed up to 12 months. Those making false declarations may be fined up to S$50,000 or jailed up to two years, or both.
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