On 3 June 2022, Lim Beng Kim, Lulu (“Lulu Lim”), former Chief Financial Officer of Agritrade International Pte Ltd (“Agritrade International”), was charged in court with four additional charges under the Penal Code, Chapter 224.
One charge relates to Lulu Lim allegedly deceiving a financial institution into believing that the consolidated financial statements for Agritrade International and its subsidiary companies for the year 2018 were audited, a fact which she knew to be false. By such manner of deception, Lulu Lim is believed to have dishonestly induced the financial institution to deliver money through a credit facility to Agritrade International. The total sum involved in the charge is up to US$24.5 million in drawdowns from the credit facility.
The remaining three charges relate to Lulu Lim allegedly abetting the making of false entries in accounts belonging to Agritrade International by instructing an employee in Agritrade International to make false entries in Agritrade International’s management accounts on 30 June 2017, 30 June 2018 and 31 December 2018 respectively.
With the latest charges, Lulu Lim now faces a total of 37 charges:
- One count of cheating punishable under Section 417 of the Penal Code;
- One count of attempting to cheat punishable under Section 417 read with Section 511 of the Penal Code;
- 31 counts of cheating under Section 420 of the Penal Code;
- Three counts of falsification of accounts under Section 477A of the Penal Code; and
- One count of abetting the falsification of accounts under Section 477A read with Section 109 of the Penal Code.
Investigations are ongoing.
The offence of cheating, punishable under Section 417 of the Penal Code, carries an imprisonment term of up to three years and a fine. The offence of cheating and dishonestly inducing a delivery of property, punishable under Section 420 of the Penal Code, carries an imprisonment term of up to 10 years and a fine. The offence of falsification of accounts, punishable under Section 477A of the Penal Code, carries an imprisonment term of up to 10 years, a fine, or both.
SINGAPORE POLICE FORCE
03 June 2022 @ 11:45 AM