Lulu Lim Beng Kim, the former chief financial officer of commodity firm Agritrade International, was sentenced to 20 years' jail She had pleaded guilty to 12 charges, including cheating and falsification of accounts Lim had duped 16 banks and financial institutions in Sin
Lulu Lim Beng Kim, the former chief financial officer of commodity firm Agritrade International, was sentenced to 20 years' jailLim had duped 16 banks and financial institutions in Singapore and abroad into granting at least S$776 million in credit facilities to Agritrade
As a result, the company defrauded the banks and financial institutions into granting a net of at least US$586.5 million under various credit facilities to Agritrade. From January 2017 to November 2019, she then either instructed or permitted her subordinates to forward documents that she had disseminated to them, including falsified financial statements, to banks and finance companies.
The Commercial Affairs Department of the police force began investigations into Lim and others for trade financing fraud in January 2020. The judge acknowledged a mitigation plea by Lim’s defence lawyer, Mr Noor Marican of Marican & Associates, that set out two reasons why she had committed the offences.
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Agritrade's former CFO deceives international banks, gets 20 years’ jail in multi-million-dollar cheating caseSINGAPORE — A former chief financial officer (CFO) of commodity firm Agritrade International was given a 20-year jail sentence on Tuesday (Jan 17) for her role in a multi-million-dollar cheating case that involved 16 banks and financial institutions worldwide.
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