Chinese businessman claims $74 million theft in Singapore

A Chinese businessman is suing four former employees in Singapore, claiming they stole $74 million from his companies over several years. The businessman, Mr. Zhong Renhai, accuses the employees of making fraudulent transactions and unauthorized claims. The Singapore High Court has approved a worldwide freezing order against the former staff and their company, Singa Wealth. This order prevents them from selling or transferring their assets. Senior Judge Tan Siong Thye stated that there is a strong case for fraud and a real risk that the defendants could hide their assets. The allegations surfaced in December 2023 when Mr. Zhong noticed irregularities in financial records. He hired forensic accountants to look into the matter, and their investigation confirmed that $74 million had been misappropriated. The employees are accused of filing false expense claims and creating fake payment messages to deceive Mr. Zhong. For instance, a fabricated payment of $22 million was reported, but there is no evidence that this transaction ever happened. The forensic report also revealed that the former employees received excess salaries and bonuses that were not properly disclosed to Mr. Zhong. Their claims of receiving authorized payments were dismissed by the court, as Mr. Zhong denied giving them such authority. Singapore has become a popular location for wealthy individuals to establish family offices, with numbers increasing significantly in recent years.