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[h=2]PRC fugitive granted S’pore PR through EDB’s Global Investor
Programme[/h]
September 13th, 2012 |
Author: Editorial
A Chinese official wanted by Interpol is currently on trial in
Singapore.
The PRC, Li HuaBo, was arrested by the Singapore police and charged for
allegedly receiving stolen funds earlier this year (‘Singapore PR is a fugitive wanted by China for embezzling 94
million yuan‘).
According to Chinese news reports, Li was a former junior finance bureau
officer from PoYang county, JiangXi province in China, before he fled the
country last year after allegedly embezzling 94 million yuan from special funds
set up to help the county’s one million poor residents. Li fled with his wife
and two teenage daughters, eventually settling in Singapore. He and his family
were later given Singapore PR status by the Singapore government.
Li. who only earned 3000 yuan (S$583) a month, allegedly made counterfeit
government seals to endorse official documents and authorized payments for
fictitious projects, subsequently diverting the money to an account he and his
accomplices had set up. The supposed scheme went on for about five years, after
which Li fled the country with his family.
Li started to plan his move to Singapore in 2010, one year before he fled. He
approached Edwin Shieh, the director of ADH Group Co Ltd to facilitate the
immigration process. Shieh prepared Li’s application papers for his Singapore PR
status. Li quit his job in China and moved to Singapore with his family two
months after his PR status was granted in Nov 2010.
On the first day of his trial on Tue (11 Sep), the court heard that Li
managed to invest S$1.5 million in an approved fund in 2010 to help him qualify
as a PR as part of the EDB’s Global Investor Programme (GIP), despite earning
only 3000 yuan a month as a junior govt official in China.
The GIP is actually administered through Contact Singapore (www.contactsingapore.sg/GIP), an alliance
between the Singapore EDB and MOM. It said that the GIP eases the way for
foreigners to set up and operate businesses or to invest in Singapore. Contact
Singapore assists by linking up entrepreneurs and investors with local business
networks, as well as facilitating a range of immigration processes for their
entry and stay here. This includes helping the foreigner and his family to apply
and obtain PR status in Singapore.
Under GIP, the foreigner can choose one of the following investment
options:
It was revealed at the trial that Li did not mention during the application
process that he was a Chinese government official. Shieh said he was unaware of
this and added that under Chinese laws, Chinese government officials were not
permitted to apply for foreign PR. Shieh allegedly claimed Li said he was the
general manager of a firm called Jingdezhen Jingyu New Energy Development.
Li opened several UOB bank accounts and later transferred the money to these
accounts as well as accounts of other PRCs in Singapore.
A police report was filed against Li after Interpol’s Beijing office sought
Singapore’s help, which resulted in his arrest.
The case has sparked outrage in China, with people asking how a low-ranking
official could have made off with such a large amount.
The trial continues.
.
* The amount was raised to S$2.5M recently.
Programme[/h]
Singapore.
The PRC, Li HuaBo, was arrested by the Singapore police and charged for
allegedly receiving stolen funds earlier this year (‘Singapore PR is a fugitive wanted by China for embezzling 94
million yuan‘).
According to Chinese news reports, Li was a former junior finance bureau
officer from PoYang county, JiangXi province in China, before he fled the
country last year after allegedly embezzling 94 million yuan from special funds
set up to help the county’s one million poor residents. Li fled with his wife
and two teenage daughters, eventually settling in Singapore. He and his family
were later given Singapore PR status by the Singapore government.
Li. who only earned 3000 yuan (S$583) a month, allegedly made counterfeit
government seals to endorse official documents and authorized payments for
fictitious projects, subsequently diverting the money to an account he and his
accomplices had set up. The supposed scheme went on for about five years, after
which Li fled the country with his family.
Li started to plan his move to Singapore in 2010, one year before he fled. He
approached Edwin Shieh, the director of ADH Group Co Ltd to facilitate the
immigration process. Shieh prepared Li’s application papers for his Singapore PR
status. Li quit his job in China and moved to Singapore with his family two
months after his PR status was granted in Nov 2010.
On the first day of his trial on Tue (11 Sep), the court heard that Li
managed to invest S$1.5 million in an approved fund in 2010 to help him qualify
as a PR as part of the EDB’s Global Investor Programme (GIP), despite earning
only 3000 yuan a month as a junior govt official in China.
The GIP is actually administered through Contact Singapore (www.contactsingapore.sg/GIP), an alliance
between the Singapore EDB and MOM. It said that the GIP eases the way for
foreigners to set up and operate businesses or to invest in Singapore. Contact
Singapore assists by linking up entrepreneurs and investors with local business
networks, as well as facilitating a range of immigration processes for their
entry and stay here. This includes helping the foreigner and his family to apply
and obtain PR status in Singapore.
Under GIP, the foreigner can choose one of the following investment
options:
- Option A: Invest at least S$2.5 million* in a new business entity or to
expand an existing business operation. - Option B: Invest at least S$2.5 million* in a GIP-approved fund that invests
in Singapore-based companies.
It was revealed at the trial that Li did not mention during the application
process that he was a Chinese government official. Shieh said he was unaware of
this and added that under Chinese laws, Chinese government officials were not
permitted to apply for foreign PR. Shieh allegedly claimed Li said he was the
general manager of a firm called Jingdezhen Jingyu New Energy Development.
Li opened several UOB bank accounts and later transferred the money to these
accounts as well as accounts of other PRCs in Singapore.
A police report was filed against Li after Interpol’s Beijing office sought
Singapore’s help, which resulted in his arrest.
The case has sparked outrage in China, with people asking how a low-ranking
official could have made off with such a large amount.
The trial continues.
.
* The amount was raised to S$2.5M recently.
