Financial Controller Jailed For Cooking The Books


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Alex Ng Soon Heng, the former group financial controller of JEL Corporation has been sentenced to 10 months in jail for his part in a racket designed to fraudulently inflate the company’s profits. The 33-year-old man pleaded guilty to eight charges under the Penal Code and Securities and Futures Act, after being accused of helping to produce and tailor documents that artificially boosted his company’s profits by about $6.4 million in the 2006 financial year.

Here was his original recipe: A JEL tax invoice to Yong Tat was inflated by US$190,062.50; A JEL tax invoice to Yong Tat was inflated by US$110,250.00; A JEL tax invoice to Yong Tat was inflated by US$110,859.57; A fictitious JEL tax invoice to Vietco for S$424,816.27 was created; A fictitious JEL tax invoice to Vietco for S$374,353.13 was created; A fictitious JEL tax invoice to Vietco for US$1,693,720.15 was created; JEL’s General Journal was falsified by voiding a JEL Debit Note to Tan Thinh with a value of US$237,412.12, thereby reducing JEL’s recorded expenses. The cumulative effect of the seven changes was to inflate JEL’s profits by US$2,244,875.02 plus S$799,169.40 (GJ) was a total of S$4,233,828.18.

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