Sim Kwok Sng Dominic (“Sim”), a 45-year-old Singaporean who was under investigations by the Commercial Affairs Department (CAD), left Singapore and returned on 13 February 2023, whereupon he was arrested by the CAD.
Sim was charged in court on 15 February 2023 with one count of knowingly being party to the carrying on of a business for a fraudulent purpose under Section 340(5) of the Companies Act, in relation to a wine buyback investment scheme operated by Universal Assets Group Pte Ltd (UAG) in 2008. Sim was a director of UAG at that time. The offence is punishable with a fine not exceeding $15,000 or imprisonment for a term not exceeding seven years, or both.
Investigations are ongoing.
PUBLIC AFFAIRS DEPARTMENT
SINGAPORE POLICE FORCE
15 February 2023 @ 3:50 PM
SINGAPORE POLICE FORCE
15 February 2023 @ 3:50 PM