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Singapore
Mar 26, 2010
Jailed for faking accounts
<!-- by line --> By Khushwant Singh, Court Reporter
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Kammy Choo Swee Keng, 54, admitted that she falsified the accounts of AEM-Evertech to cover up a string of payments in 2004. -- ST PHOTO: WONG KWAI CHOW
THE former chief financial officer (CF0) of a listed company was sentenced to three months' jail yesterday for her role in helping to cover up more than $1 million in kickbacks to customers. Kammy Choo Swee Keng, 54, admitted that she falsified the accounts of AEM-Evertech to cover up a string of payments in 2004. A district court heard that Corrupt Practices Investigation Bureau (CPIB) investigations in 2007 revealed AEM-Evertech had been paying commissions to representatives of client companies.
The sales team had been told to offer kickbacks by the firm's then chairman Tok Kian You, 49, and chief executive Ang Seng Thor, 46. Both were also joint managing directors at the time. Sales staff would get a cash cheque from the then finance executive Tan Ann Nee without having to produce supporting documents. This practice alarmed Choo when she was appointed CFO in November 2004. She had joined AEM-Evertech as financial controller six months earlier. She raised her concerns with Tok but was assured that payments had to be made to the 'right parties' so as 'to get orders for the company'.
Choo's fears proved correct when external auditors KPMG queried her in 2005 on the lack of supporting documents for the payment of these commissions. She consulted Tok again, who is said to have advised her to obtain false invoices for a fee from Halo Tech, a company incorporated in Thailand. Court documents state that Choo then instructed Tan, 45, to arrange for the fake invoices to cover up the trail of improper payments. Choo's counsel, Mr Anand Nalachandran, asked for a fine to be imposed as the practice of paying kickbacks was in place even before his client joined the company.
Read the full story in Saturday's edition of The Straits Times.
Mar 26, 2010
Jailed for faking accounts
<!-- by line --> By Khushwant Singh, Court Reporter
<!-- end by line -->
<!-- end left side bar -->
Kammy Choo Swee Keng, 54, admitted that she falsified the accounts of AEM-Evertech to cover up a string of payments in 2004. -- ST PHOTO: WONG KWAI CHOW
THE former chief financial officer (CF0) of a listed company was sentenced to three months' jail yesterday for her role in helping to cover up more than $1 million in kickbacks to customers. Kammy Choo Swee Keng, 54, admitted that she falsified the accounts of AEM-Evertech to cover up a string of payments in 2004. A district court heard that Corrupt Practices Investigation Bureau (CPIB) investigations in 2007 revealed AEM-Evertech had been paying commissions to representatives of client companies.
The sales team had been told to offer kickbacks by the firm's then chairman Tok Kian You, 49, and chief executive Ang Seng Thor, 46. Both were also joint managing directors at the time. Sales staff would get a cash cheque from the then finance executive Tan Ann Nee without having to produce supporting documents. This practice alarmed Choo when she was appointed CFO in November 2004. She had joined AEM-Evertech as financial controller six months earlier. She raised her concerns with Tok but was assured that payments had to be made to the 'right parties' so as 'to get orders for the company'.
Choo's fears proved correct when external auditors KPMG queried her in 2005 on the lack of supporting documents for the payment of these commissions. She consulted Tok again, who is said to have advised her to obtain false invoices for a fee from Halo Tech, a company incorporated in Thailand. Court documents state that Choo then instructed Tan, 45, to arrange for the fake invoices to cover up the trail of improper payments. Choo's counsel, Mr Anand Nalachandran, asked for a fine to be imposed as the practice of paying kickbacks was in place even before his client joined the company.
Read the full story in Saturday's edition of The Straits Times.
