Fines for two co-founders of Fullerton Healthcare Corp over falsified claims linked to S$211,000
Two co-founders of Fullerton Healthcare Corporation were fined for their roles in a falsified entertainment claims scheme involving over S$211,000. The court noted that the defendants did not personally profit from the inflated claims.
Why it matters
This case highlights corporate governance issues and the legal consequences of financial misconduct within the healthcare sector.
SINGAPORE: Two co-founders of Fullerton Healthcare Corporation (FHC) were fined a total of S$160,000 on Friday (July 10) over falsified entertainment claims linked to more than S$211,000.
However, Daniel Chan Pai Sheng and Michael Tan Kim Song, both 52-year-old doctors, did not enjoy financial gains from the offences.
Instead, the more than $211,000 was intended for Collin Chiew, 58, whose case is pending, court documents stated.
The documents did not disclose if Chiew, who was the chief executive of insurance broker Aon Singapore between January 2015 and July 2018, received the amount.
Tan and Chan pleaded guilty to their offences on July 8.
Chan was fined $135,000 on July 10 after he pleaded guilty to five counts of falsification of accounts.
The falsified claims amounted to over $336,000, even though the actual expenses were about $125,000. This means the inflated sum was over $211,000.
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