On 26 November 2021, Lim Beng Kim, Lulu (“Lulu Lim”), former Chief Financial Officer of Agritrade International Pte Ltd (“Agritrade International”), was charged in court with an additional 12 charges of cheating under Section 420 of the Penal Code, Chapter 224.
The charges, which arose from investigations by the Commercial Affairs Department into Agritrade International, are related to Lulu Lim who had allegedly deceived seven financial institutions into believing that the consolidated financial statements for Agritrade International and its subsidiary companies for the years between 2016 and 2018 were audited, a fact which she knew to be false. By such a manner of deception, Lulu Lim had dishonestly induced the seven financial institutions to deliver monies through credit facilities to Agritrade International. The total sum involved in the 12 charges amounted to US$359 million in drawdowns from credit and loan facilities.
With these 12 charges, Lulu Lim now faces a total of 14 charges – 13 counts of cheating and one count of abetting the falsification of accounts under Section 477A read with Section 109 of the Penal Code. Investigations are ongoing.
The offence of cheating under Section 420 of the Penal Code, carries an imprisonment term of up to 10 years and a fine. The offence of falsification of accounts, punishable under Section 477A read with Section 109 of the Penal Code, carries an imprisonment term of up to 10 years, a fine, or both.
SINGAPORE POLICE FORCE
26 November 2021 @ 10:30 PM