Singapore diplomat bitten by graft charges over pineapple tarts

Singapore diplomat bitten by graft charges over pineapple tarts

5:49am EDT

SINGAPORE (Reuters) – First it was sex, then casinos. Now, a Singapore diplomat has been charged with inflating the number of pineapple tarts and bottles of wine carried on official visits in the latest corruption case to hit the squeaky clean city-state. Lim Cheng Hoe, former chief of protocol at the Ministry of Foreign Affairs, allegedly overbilled authorities by around S$89,000 ($71,100) by overstating the amount of gifts bought for official purposes between 2008 and 2012.Lim faces 60 charges and could be jailed for up to three years on each charge if found guilty.

Singapore, a wealthy Asian finance and trade center ranked as the world’s fifth least corrupt country by Transparency International, has been embarrassed by a number of recent cases involving senior officials.

Earlier this year, the former head of the civil defense force and a law professor were found guilty of corruptly accepting sexual favors. A former chief of the police’s anti-drugs squad faced similar charges but was acquitted.

More recently, an assistant director of the anti-corruption watchdog was charged with misappropriating S$1.7 million. Part of the money allegedly was used for gambling at the Marina Bay Sands casino.

Pineapple tarts are bite-sized snacks popular in many Asian countries. The versions favored in Singapore and Malaysia are open-faced buttery pastries topped with sweet pineapple jam.

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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