Latest news with #YoojungLee
Bloomberg
12-04-2025
- Business
- Bloomberg
Singapore Finance CEO on How to Survive Choppy Global Markets
Welcome to the Singapore Edition newsletter. Each week we bring you insights into one of Asia's most dynamic economies. If you haven't yet, please sign up here. It's been a wild ride in the markets, as our special issue captured on Monday. With the tariff-induced turmoil continuing to rock assets from stocks to currencies, wealth reporter Yoojung Lee asked SingCapital's CEO how investors in Asia should respond, while Ishika Mookerjee looks at the week's winners and losers. Meanwhile, Low De Wei shines a light on a billionaire Tesla whale's S$100 million shophouse hotel.
Yahoo
19-03-2025
- Business
- Yahoo
Singapore family office staff accused of misusing $74 million by wealthy Chinese
By Yoojung Lee (Bloomberg) — An ultra-high net worth Chinese businessman is suing four former staff in Singapore for allegedly misappropriating $74 million (US$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. A judge upheld a worldwide order to freeze the assets of the employees, who were based in Singapore, along with a British Virgin Islands entity controlled by them. The Chinese businessman discovered that the staff allegedly misappropriated the money from LFI and his family office in December 2023, which led to the removal of the four by January last year. External forensic accountants later found that $74 million had been allegedly paid out from Zhong's accounts. Nikkei reported the court case earlier. Family offices are gaining traction globally, yet many lack the same level of checks and balances practiced at banks. The city-state stepped up scrutiny of financial institutions after a multi-billion dollar money laundering scandal. Singapore has been seeking to become a top wealth hub, attracting more than 2,000 single family offices as of the end of 2024. More stories like this are available on ©2025 Bloomberg L.P.
