This is a discussion on Fine, jail for ex-JEL CEO within the Local & Foreign Issues forum, part of the Community Lounge category; FORMER JEL Corp chief executive Eric Tan Boon Yong was sentenced yesterday to one year in jail and a $280,000 ...
FORMER JEL Corp chief executive Eric Tan Boon Yong was sentenced yesterday to one year in jail and a $280,000 fine for his role in an elaborate plan to falsely inflate the firm's profits.
Tan, 53, pleaded guilty to 14 charges under the Penal Code, Securities and Futures Act and Companies Act, with 80 other charges taken into consideration.
He was accused mainly of conspiring with three other JEL executives to artificially pad the firm's profits by about $6.4 million in the 2006 financial year to cover up revenue loss.
He is out on $100,000 bail pending an appeal against the sentence imposed by the Subordinate Courts.
JEL, a Singapore-listed consumer electronics distribution firm, was incorporated in 2001. Aside from being its CEO, Tan was also its executive chairman and executive director.
He was charged in May, together with former JEL deputy chief executive and chief financial officer Wee Teck Han, 37, and group financial controller Alex Ng Soon lucky, 33, for their part in the racket.
Fine, jail for ex-JEL CEO