On 18 February 2021, Kam Boon Hee Kenneth (“Kam”), a former director of several companies, including Kenn Capital Pte Ltd, Kenn Organisation International Pte Ltd and Kenneth Kam Pte Ltd, was produced in court for additional charges. He had earlier been charged with a total of 149 counts of cheating charges.
The latest set of charges comprises another 191 charges of cheating offences, as well as four charges of transferring benefits from his criminal conduct under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act. Similar to the earlier charges, these additional charges relate to Kam’s alleged promotion of a loan programme which raised millions from his lenders. The cheating charges alleged that he had deceived potential lenders into believing that he would generate returns from foreign exchange trading to pay them.
With the latest addition, Kam now faces a total of 340 counts of cheating and dishonestly inducing a delivery of property, involving amounts in excess of $16 million. The offence of cheating under Section 420 of the Penal Code carries an imprisonment term which may extend to 10 years, and a fine. The offence of transferring benefits from his criminal conduct under Section 47(1)(b) of the Corruption, Drug Trafficking and other Serious Crimes (Confiscation of Benefits) Act carries an imprisonment term which may extend to 10 years, and a fine of up to $500,000.
Members of the public are advised not to deal with unregulated entities or persons offering any investment opportunities. If you choose to deal with unregulated entities or persons, you will forgo the protection available under the Monetary Authority of Singapore’s (MAS) regulations.
Before committing to an investment, always Ask, Check and Confirm.
- ASK as many questions as you need to fully understand the investment opportunity. If the company is unable to, or avoids answering any of your questions, be wary!
- CHECK on the company, its owners, directors and management members to assess if the opportunity is genuine.
- CONFIRM the company’s and representatives’ credentials by using available resources, including the Financial Institutions Directory, Register of Representatives and Investor Alert List on the MAS’ website (www.mas.gov.sg).
SINGAPORE POLICE FORCE
18 February 2021 @ 2:45 PM