An ultra-high-net-worth Chinese businessman is suing four former employees here for allegedly stealing from his Singapore-based companies, Panda Enterprise and Lee Fung International (LFI), through fraudulent transactions and fabricated claims over the years.

Mr Zhong Renhai alleged that the four former employees had abused his trust and confidence by siphoning $74 million into their own accounts over the years, or by misusing money belonging to him without authorisation.

He has sought a court order that grants a worldwide freezing order and proprietary injunctions against Ms Goh Sock Ngee, Ms Lim Wee Siew, Ms Eileen Ealham, Mr Yap Shin Tze and Singa Wealth (BVI) Holdings Ltd, an entity set up and controlled by the former employees who were all shareholders.

In late January 2024, Mr Zhong engaged external forensic accounts, Alvarez & Marsal (A&M), to independently investigate the alleged misconduct by the employees.

The investigations were completed after nine months on Oct 25, 2024. A&M concluded that $74 million had been misappropriated and wrongfully paid out from either Mr Zhong’s or LFI’s bank accounts to the former staff.

Mr Zhong is the beneficiary owner of LFI and Panda Enterprise, a single family office set up in Singapore and regulated under the Monetary Authority of Singapore’s fund tax incentive schemes for family offices.

Source: Straitstimes