Sept 23, 2005There's another part of the article which I found noteworthy:
Man fined for pulling scam to siphon off CPF money
By Khushwant Singh
COMPANY director Eric Tan, 45, hit on a plan to get his hands on Central Provident Fund money that was off-limits.
He bought shares with his own money on the stock market and sold them to himself at higher prices - with money from his CPF account. He also sold shares from his CPF account back to himself at lower prices. And he pocketed the difference.
The round-tripping scam enabled Tan to siphon off $6,855 from his CPF account - funds he was allowed to withdraw only when he reached 55.
However, he was caught and fined $7,000 after he pleaded guilty to 11 charges of contravening the CPF Act by selling and buying 88,000 Dayen Environmental shares and 40,000 Megachem shares.
Tan's lawyer, Mr Lawrence Goh, pleaded for a light sentence, saying Tan regrets his foolish act and realises it was 'very stupid'.This reminds me of all those people in recent times who were retrenched and unemployed and struggling to get by from day to day. Their children could not afford to go to school or to have proper meals. Meanwhile their CPF accounts bulged with huge amounts of their OWN money that the government would not allow them to touch.
The money Tan took was used for his daily expenses as he was in financial difficulties then.
Only in a country like Singapore.