18-03-2025
Rich Chinese Alleges Family Office Staff Misused $56 Million
An ultra-high net worth Chinese businessman is suing four former staff in Singapore for allegedly misappropriating S$74 million ($56 million), underscoring the vulnerabilities of certain family office structures.
Zhong Renhai, the owner of Lee Fung International Pte Ltd. (LFI) and family office Panda Enterprise Pte in Singapore, accused four former employees of creating fraudulent transactions and fabricating documents to misuse funds, according to a high court document.
