SINGAPORE: A man who cooked financial figures for shell companies linked to Singapore’s largest money laundering case has been sentenced to 32 weeks’ jail for conspiring to cheat the Inland Revenue Authority of Singapore (IRAS) with false filings.
Wang Junjie, the former owner of a corporate services firm, was charged in January 2025 over various offences, including forgery, falsification of accounts and using forged documents as genuine copies.
The 43-year-old had on June 3 pleaded guilty to conspiring to cheat IRAS by making false representations in his capacity as director of a software company, Yihao Cyber Technologies.
He also admitted to breaching his breaching his duties as a nominee company director in the same firm.
Yihao Cyber Technologies was linked to Su Haijin, one of the 10 foreigners convicted over the S$3 billion money laundering case.
The Straits Times had in September 2023 revealed that Wang was involved in nine companies linked to three of the offenders.
According to the prosecution Wang had played a “pivotal role” in helping the offenders commit their crimes.
The prosecution, which argued for between eight and 10 months’ jail, noted that he had used his position as a corporate service provider to aid the foreigners in the commission of their offences.
Wang’s lawyer, who argued for a sentence of three to four months’ jail, said his client did not profit from the offences, other than earning his professional fees.
Court documents showed Wang ran LW Business Consultancy between 2018 and 2023, where he provided accounting, taxation, consultancy and corporate secretarial services.
Despite not possessing any accounting qualifications, he assisted his clients in book-keeping and making applications for renewing their employment or dependant passes.
The naturalised Singaporean was found to be behind at least 185 companies, when ST checked in 2023.
His clients included companies belonging to Su Baolin, who was sentenced to 14 months’ jail in April 2024 in the money laundering case.
Su Baolin had engaged Wang to provide corporate services for his firm, Xinbao Investment Holdings, around Aug 2, 2018.
Wang acted as Xinbao Investment’s corporate secretary between Aug 2, 2018 and Aug 16, 2021, and between April 5, 2023 and Oct 31, 2023. He was also the company’s director between Aug 2, 2018 and Dec 22, 2023.
Su Haijin, who was also convicted in the same case, had engaged Wang to provide corporate services for his firm, Yihao Cyber Technologies, around Oct 19, 2018.
Wang had acted as the firm’s secretary between Oct 19, 2018 and Aug 31, 2023. He also acted as the firm’s director between Jan 3, 2021 and Feb 7, 2022.
The prosecution said Wang had helped to prepare Yihao Cyber’s financial statements between 2018 and 2023.
Between 2020 and 2022, Wang made false state representations to IRAS by cooking up with figures that would be approved by Su Haijin, instead of relying on proper documentation.
He also forged business agreements between Yihao Cyber and other companies, including where Su Haijin and Su Baolin were shareholders.
Wang admitted that Yihao Cyber had no genuine sources of reveue in Singapore and did not employ any staff.
He said Su Haijin had told him that he needed the appearance of having a profitable business in Singapore, as he was looking to increase his chances of becoming a permanent resident.
On Jan 18, 2024, the Accounting and Corporate Regulatory Authority cancelled Wang’s registration as a qualified individual to provide corporate services, and also terminated his firm’s registration as a filing agent.
The 10 foreigners were sentenced to between 13 and 17 months jail for money laundering, fraud and forgery. They have since been deported and barred from re-entering Singapore after their release from prison. - The Straits Times/ANN
