On 26 October 2018, Thirumany d/o M Ponniah, was sentenced in court to a fine of $3,000 and 3 years disqualification for failing to exercise reasonable diligence in the discharge of her duties as a company director, an offence under Section 157(1) of the Companies Act. One other charge under the Companies Act was also taken into consideration for sentencing.
Thirumany served as the resident director of a Singapore company that was incorporated by a foreigner. She was paid a sum of SGD 1,000 a year for the role. Besides assisting with the incorporation of the company and the opening of its bank account, Thirumany ceded all control of the company, including its bank account, to the foreigner and failed to exercise any supervision over its affairs.
Between 8 October 2013 and 29 October 2013, the company received five wire transfers totalling SGD 363,466.33 that were linked to criminal offences committed overseas, into its bank account. The said funds were subsequently transferred out of Singapore within a short period of time. Police investigations revealed that the company had no business operations in Singapore and was in fact a shell company that was set up to facilitate the laundering of criminal proceeds through Singapore.
The Police would like to advise all individuals who intend to take on directorships in companies, or who are currently serving as directors to familiarise themselves with the duties required of them.
SINGAPORE POLICE FORCE
26 October 2018 @ 2:40 PM