Former CFO of thumbdrive inventor Trek 2000 jailed, fined for a number of offences

SINGAPORE: The previous chief monetary officer of Trek 2000 – the tech agency behind the invention of the thumbdrive – was on Monday (Dec 5) sentenced to 11 months’ jail and a high-quality of S$20,000 after pleading responsible to quite a few expenses.

Gurcharan Singh was convicted of eight expenses: One cost of failing to make quick bulletins of individual transactions; one cost of conspiring with others to falsify Trek 2000’s monetary statements; one cost of participating in a conspiracy to cheat the corporate’s auditors; three expenses of instigating an worker to forge paperwork; and two expenses of abetting one other to falsify paperwork.

9 different related expenses have been considered for the needs of sentencing, the Singapore Police Pressure (SPF) stated in a information launch.

INTERESTED PERSON TRANSACTIONS

The cost regarding individual transactions concerned an organization referred to as T-Knowledge Techniques, whose sole shareholder was the spouse of Trek 2000’s then-executive director Poo Teng Pin.

In 2011, the Trek 2000 group was concerned in seven transactions with T-Knowledge Techniques, totalling US$2.79 million.

Trek 2000 is a mainboard-listed firm, and beneath the SGX-ST mainboard guidelines, T-Knowledge was an individual in relation to Trek 2000. All seven transactions, due to this fact, needed to be introduced instantly.

“Nevertheless, Trek 2000 recklessly did not make the mandatory disclosures, and this failure was attributable to, amongst different issues, the neglect of Singh,” SPF stated.

“Singh knew that T-Knowledge was an individual however didn’t take any steps to get Trek 2000 to make the mandatory disclosures.”

FICTITIOUS SALE

Singh additionally conspired with Poo and former Trek 2000 CEO Henn Tan to falsify the corporate’s monetary statements between November and December 2015, by recording a fictitious sale to Unimicron Know-how Corp value US$3.2 million.

“In February 2016, Trek 2000’s auditors, Ernst & Younger LLP, queried the fictional sale to Unimicron and requested supporting paperwork,” stated SPF.

“Singh then conspired with Tan, Poo and one other worker who can be going through expenses, to deceive Ernst & Younger into believing that the sale to Unimicron was real. Thereafter, Singh instigated an worker to forge two financial institution advices to assist the fictional Unimicron sale, and collectively together with his co-conspirators, created a doc setting out a false chronology of occasions regarding the fictional Unimicron sale.”

Ernst & Younger later lodged a report back to the Accounting and Company Regulatory Authority (ACRA), SPF stated.

The police added that court docket proceedings towards the opposite worker referred to on this case are ongoing.