Father-son duo in dock over RM595m GST fraud in Singapore
The case centres on 'missing trader fraud', where a seller collects GST on sales but does not pay the tax to Singapore's Inland Revenue Authority (IRAS). Other businesses in the supply chain continue to claim refunds for GST they say they paid on purchases — even though the tax was never remitted.
Singapore police said Derrick Yeo Wei Kin, 40, and his father, Yeo Kian Huat, 73, allegedly set up four shell companies and conducted sham transactions between November 2017 and April 2018. These deals, at inflated prices, allegedly totalled S$181 million and were used to claim fraudulent GST refunds from IRAS.
CNA reported that the younger Yeo allegedly filed three false GST refund claims seeking S$11.8 million, forged a supplier's invoice to secure GST registration for one of the companies, and made more than S$140,000 in false refund claims under Singapore's electronic tourist refund scheme.
Both Singaporeans face four charges each of fraudulent trading under the Companies Act. The younger Yeo pleaded not guilty, while the older Yeo said he would be claiming trial. Neither is represented by a lawyer, and the younger Yeo already faces several other charges from earlier proceedings.
The cases have been adjourned for pre-trial conferences. If convicted, each man faces up to seven years in jail, a fine, or both.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
2 hours ago
- The Sun
Singapore leaders praise Malaysia's role in Thailand-Cambodia crisis
SINGAPORE: Singapore's leaders have praised Malaysia's efforts in managing the crisis along the Thailand-Cambodia border. Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi shared this during his two-day working visit to Singapore. Prime Minister Lawrence Wong and Deputy Prime Minister Gan Kim Yong conveyed their appreciation in separate meetings. Ahmad Zahid highlighted Malaysia's commitment to regional peace and stability. He attended the Singapore National Day Parade at the invitation of the Singapore government. During the meetings, he congratulated Singapore on its 60th National Day celebrations. Discussions with PM Wong focused on strengthening bilateral ties and strategic projects. Both leaders explored ways to boost foreign direct investment and job creation in Malaysia. New areas of cooperation in tourism and TVET were also discussed. The gig economy's legal framework was another key topic of conversation. Ahmad Zahid shared Malaysia's initiatives to protect gig workers through social policies. In talks with DPM Gan, the importance of ASEAN's market potential was emphasised. Malaysia's role as a leading halal hub was also highlighted. Gan noted Singapore's support for Malaysia's TVET sector through trainer exchanges. Ahmad Zahid described the discussions as productive and forward-looking. He expressed optimism about closer Malaysia-Singapore strategic cooperation. The meetings concluded with a luncheon hosted by Singapore President Tharman Shanmugaratnam. - Bernama
Malay Mail
4 hours ago
- Malay Mail
Lawyer convicted of defaming Singapore hospital cleared to join legal profession
SINGAPORE, Aug 9 — A lawyer fined for criminally defaming Singapore's KK Women's and Children's Hospital (KKH) over a false miscarriage story has been approved for admission to the Singapore Bar. Singapore-based media organisation CNA reported yesterday that Ariffin Iskandar Sha Ali Akbar, 28, who published the fabricated story on the Wake Up Singapore website in 2022, was fined S$8,000 (RM26,400) last year. Despite objections from the Singapore attorney general and the Singapore Institute of Legal Education, Chief Justice Sundaresh Menon ruled that Ariffin remained fit to practise law. The Chief Justice noted Ariffin's cooperation, remorse, and efforts to retract the story and apologise to KKH, adding that the offence stemmed from negligence rather than dishonesty. The Law Society of Singapore did not object to his admission, describing the offence as 'not one of serious gravity and did not involve any dishonesty.' Ariffin, also a former Singapore Democratic Party candidate, will be called to the Bar on August 13. He expressed gratitude following the court decision. 'I hope to use this privilege of practice to serve the community and help those in need,' he said, as reported by CNA.
New Straits Times
4 hours ago
- New Straits Times
DPM Zahid arrives in Singapore for republic's national day parade
SINGAPORE: Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi arrived in Singapore on Saturday for a two-day working visit and to represent the Malaysian government at the 2025 Singapore National Day Parade this evening. He was received by Singapore's Minister for Foreign Affairs Dr Vivian Balakrishnan and Singapore High Commissioner to Malaysia Vanu Gopala Menon. "This visit is highly significant as this year marks the 60th anniversary of Malaysia-Singapore diplomatic relations. "God willing, I believe this visit will further strengthen the longstanding friendship between our two nations and open more doors for cooperation that will benefit our people and countries," Zahid said in a post on Facebook. During the visit, he is scheduled to pay a courtesy call on Singapore Prime Minister Lawrence Wong and hold a bilateral meeting with Singapore's Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong. Zahid, who is also the rural and regional development minister, said discussions will focus on bilateral cooperation and matters of mutual interest to strengthen existing ties. In 2024, Singapore was Malaysia's second-largest trading partner globally and its largest among Asean member states, with total trade amounting to about RM396.22 billion (US$86.69 billion). For the period of January to March this year, bilateral trade increased by 12.2 per cent to RM97.93 billion (US$22.00 billion). — Bernama
