36 persons were charged in court on 26 and 27 August 2021 for committing offences under the Companies Act, in relation to companies that were allegedly used to submit false claims amounting to $11.8 million to the Inland Revenue Authority of Singapore (IRAS) between 2014 and 2016, under the Productivity and Innovation Credit (PIC) scheme. Three persons had earlier been charged with multiple cheating, money laundering, and other offences in relation to the false PIC claims.
These 36 persons are alleged to have either failed to exercise any supervision over the affairs of the companies in which they were directors, or to have abetted others to register as company directors who would have no involvement in supervising the affairs of the companies, or both. They will be charged for offences under Section 157(1) of the Companies Act.
Of the 36 persons, six were also charged with intentionally perverting the course of justice under Section 204A of the Penal Code, by lying or instigating others to lie to the police during investigations.
For failing to discharge their duties as directors, an offender can be jailed for up to 12 months or fined up to $5,000 under Section 157(3)(b) of the Companies Act. Upon conviction, the offender may also be disqualified from being a director under Section 154 of the Companies Act.
By intentionally perverting the course of justice, an offender can be jailed for up to 7 years, fined, or face both penalties under Section 204A of the Penal Code.
Source: Singapore Police Force