On 18 September 2021, Lim Beng Kim, Lulu (“Lulu Lim”), former Chief Financial Officer of Agritrade International Pte Ltd (“Agritrade International”), was charged in court for cheating and dishonestly inducing a delivery of property under Section 420 of the Penal Code.

The charge, which arises from investigations by the Commercial Affairs Department into Agritrade International, relates to Lulu Lim cheating the Shanghai Pudong Development Bank, Singapore Branch into believing that 19 bills of lading had been legally and validly pledged in the bank’s favour, resulting in the bank disbursing USD 19.9 million to a supplier of Agritrade International in October 2019, which the bank would not have done had it not been so deceived.

Investigations against Agritrade International, Lulu Lim and other officers of the company are ongoing.

If convicted, Lulu Lim faces imprisonment for a term which may extend to 10 years and shall also be liable to a fine.

Source: Singapore Police Force