On 15 August 2022, the founder of Mainboard-listed Trek 2000 International Limited (“Trek 2000”), Tan Henry @ Henn Tan (“Henn Tan”) was convicted of five charges under Sections 417, 465 and 477A of the Penal Code (“PC”) in relation to:
- the falsification of Trek 2000’s financial statements;
- the forgery of invoices and delivery orders; and
- a conspiracy to cheat Trek 2000’s auditors.
Four other charges were taken into consideration for the purpose of sentencing.
On 11 October 2022, Henn Tan was sentenced to 16 months’ imprisonment.
This follows Henn Tan’s earlier conviction, on 24 August 2020, for two offences punishable under Section 204 read with Section 331 of the Securities and Futures Act, in connection with Trek 2000’s failure to disclose interested persons transactions, for which he was sentenced to a total fine of S$80,000.
In relation to the present conviction, Henn Tan had admitted that:
- He instructed the recording of fictitious licensing income, purportedly earned by Trek 2000’s main operating subsidiary, Trek Technology (Singapore) Pte Ltd (“TTSPL”);
- He instructed an employee of TTSPL to record two fictitious sales by TTSPL to a foreign company, as well as two fictitious purchases by TTSPL from the said foreign company; and
- He conspired with senior management of Trek 2000 to record a fictitious sale by TTSPL to a foreign company, of items supposedly worth USD 3.2 million.
When Trek 2000’s auditors queried the fictitious sale mentioned at 4(c) above, Henn Tan conspired with senior management of Trek 2000, to deceive the auditors into believing that the sale was genuine, so that the auditors would sign off on Trek 2000’s accounts. To this end, Henn Tan and others prepared a false chronology of events relating to the said fictitious sale, which was then furnished to the auditors. The auditors were not deceived, and reported the matter to the Accounting and Corporate Regulatory Authority (ACRA), following which police investigations commenced.
Court proceedings against two other co-accused persons, who held senior management positions within Trek 2000, are ongoing.
SINGAPORE POLICE FORCE
12 October 2022 @ 1:20 PM