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3 directors plead guilty to regulatory and accounting breaches

Gatsby

Alfrescian (Inf)
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Updated: 03/17/2014 22:10 | By Channel NewsAsia

3 directors plead guilty to regulatory and accounting breaches

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SINGAPORE: Three directors pleaded guilty to regulatory and accounting breaches in court on Monday.

They had failed to hold annual general meetings (AGMs) and lodge the annual returns of their companies for varying periods between 2010 and 2013.

The directors are Doreen Lee Guat Beng from Rebecca Pte Ltd, and Lim Mee Lin and Teng Chee Wai from Indigoz ICHQS (Asia) Holdings Limited.

They still hold these positions, according to Accounting and Corporate Regulatory Authority (ACRA) records.

Each of them faces between four and six charges.

While the maximum penalty for each charge is a fine of S$5,000, the court had in the past imposed sentences ranging from S$400 to S$1,200 per charge.

Sunari Kateni, senior deputy director of prosecutions at the Accounting and Corporate Regulatory Authority Singapore, on Monday called for a heavier fine of S$1,500 per charge as deterrence.

He listed some aggravating factors.

Mr Kateni said Lee had been remiss in her duties by failing to ensure that the company hold its AGM and file its annual returns for two financial years.

Lee also has a record of non-compliance, with similar breaches on three occasions for different companies in 2013.

For Lim and Teng, Mr Kateni said this was not a single isolated breach.

Their company had not held its AGM nor filed its annual returns over three financial years.

Mr Kateni added that the companies are also large.

Rebecca Pte Ltd has a share capital of S$300,000, while Indigoz ICHQS (Asia) Holdings Limited has a share capital of S$250,000.

The three directors will be sentenced on April 14.

ACRA has also brought seven directors from five other companies to court for such offences.

Their cases will be heard between March 24 and April 28 this year. - CNA/ms

 
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