Singapore: Company Director Hit With S$57,000 Fine For Offences Under Companies Act

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According to the Accounting and Corporate Regulatory Authority, Lawrence Fong Kok Liong, company director, has recently been fined a record S$57,000 for 38 charges.

Fong went on to plead guilty against the charges for offences under section 175 and 197 of the Companies Act, including failure to hold the AGM and filing annual returns in connection to 19 companies.

Back in 2014, Fong was convicted for similar offences and compounded 60 offences of the same nature according to the ACRA. This follows the convictions of 5 other directions for similar filing offences in April and May of this year.

2 out of the 5 respective directors were issued a fine of S$1,800 per charge, which the authority said was above the range of S$800 to S$1,200 per charge usually administered for such offences.

Along with the other 5 directors, Fong will also be disqualified as directors of the firms to which they have been appointed.