A Singaporean man who ran a business offering corporate services to clients mostly from China became the director of 980 companies. He was sentenced to jail and fined for failing to exercise reasonable diligence in his duties.
A Singapore an man who ran a business offering corporate services to clients mostly from China became the director of 980 companies. On Dec 18, Xie Yong, 37, was sentenced to four weeks’ jail and fined $57,000 after he admitted to failing to exercise reasonable diligence in the proper discharge of his duties with two firms.Deputy Public Prosecutor Janice See said Xie holds a master’s degree in professional accountancy from University College London in Singapore .
Xie was the director of the company. It started offering accounting and corporate services in 2019, including the incorporation of companies in Singapore. “The accused was familiar with the duties of a director of a Singapore incorporated company, including the need to exercise reasonable diligence in the discharge of his duties as a director,” said DPP See. Initially, DD’s clients were local companies, but Xie decided in 2020 to expand his reach to China and advertised his company’s corporate secretarial services on a Chinese online foru
Singapore Corporate Services Director Negligence China
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