Chinese family office in Singapore loses $55 million to fraud

A Chinese family office in Singapore has accused several former employees of stealing money in a major fraud case. Zhong Renhai, who leads the family office called Panda Enterprise, claims that staff members took around 74 million Singapore dollars, which is about $55.5 million. This information comes from a ruling by Singapore's High Court. The incident raises concerns about the integrity of Singapore's wealth management sector. This sector has recently faced scrutiny due to a large money laundering scandal. Zhong is described as an ultra-high net worth businessman. He manages the assets of himself and his relatives through Panda Enterprise and another company named Lee Fung International.