China Businessman Lee Fung International Founder Zhong Renhai (Family Office Panda Enterprise) Files Singapore Lawsuit Against 4 ex-Employees & Their Company Singa Wealth (BVI) to Freeze Assets & Injunctions for Misappropriating $55.5 Million (S$74 Million), Discovery Made in 2023 December with Alvarez & Marsal Appointed to Investigate in 2024, $55.5 Million Misappropriated from His Singapore-Based Company Lee Fung International & Family Office (Panda Enterprise), Zhong Renhai China Onshore Business is Petrochemical Production & Trading Conglomerate, 4 ex-Employees are Shannon Goh Sock Ngee, Alice Lim Wee Siew, Eileen Ealham & Richard Yap Shin Tze, Salary Discrepancy of $6.2 Million (S$8.3 Million), Shannon Received Annual Salary Ranging from S$781,000 to S$1.8 Million from 2019 to 2022, Eileen Received Annual Salary from S$885,000 to S$1.4 Million from 2019 to 2022, Alice Received Annual Salary from S$281,000 to S$980,000 from 2019 to 2022
19th March 2025 | Hong Kong
China businessman Lee Fung International founder Zhong Renhai (Lee Fung International & Family Office Panda Enterprise) has filed a Singapore lawsuit against 4 ex-employees & their company Singa Wealth (BVI) to freeze assets & injunctions for misappropriating $55.5 million (S$74 million). The discovery was made in 2023 December with Alvarez & Marsal appointed to investigate in 2024. The $55.5 million was misappropriated from his Singapore-based company Lee Fung International & family office (Panda Enterprise). Zhong Renhai China onshore business is in petrochemical production & trading conglomerate. The 4 ex-employees are Shannon Goh Sock Ngee, Alice Lim Wee Siew, Eileen Ealham & Richard Yap Shin Tze. There is also a salary discrepancy of $6.2 million (S$8.3 million), with Shannon receiving annual salary ranging from S$781,000 to S$1.8 million from 2019 to 2022, Eileen receiving annual salary from S$885,000 to S$1.4 million from 2019 to 2022, and Alice receiving annual salary from S$281,000 to S$980,000 from 2019 to 2022. Singapore Court Case (14/3/25) Extracts: “4) Zhong is an ultra-high net worth Chinese businessman. LFI and Panda Enterprise are Singapore-based companies, beneficially owned by Zhong. LFI forms part of Zhong’s offshore business that supports Zhong’s onshore business, which is part of a large petrochemical production and trading conglomerate in the People’s Republic of China (“PRC”). LFI, and its employees, provide accounting and finance support for Zhong’s onshore PRC business’ trades and operations. Panda Enterprise is Zhong’s family office set up in Singapore regulated under the Monetary Authority of Singapore’s Fund Tax Incentive Schemes for Family Offices Scheme. 5) Shannon, Alice, Eileen and Richard (collectively referred to as the “Employees”) were former employees of LFI. Singa Wealth was a British Virgin Islands (“BVI”) entity set up and controlled by the Employees, who were all shareholders. The Employees were the only Singapore-based employees of LFI at the material time between May 2015 and February 2024. 6) During many years of the employer-employee relationship, Zhong placed a great deal of trust and confidence in Shannon, the sole director of LFI. However, sometime in December 2023, that trust shattered upon Zhong’s discovery that the Employees had allegedly misappropriated monies from LFI and Panda Enterprise. This led to the removal and resignation of all the Employees from LFI and Panda Enterprise, as well as other related entities, by January 2024. 7) Sometime in end-January 2024, the Claimants engaged external forensic accountants, Alvarez & Marsal (“A&M”), to independently investigate and uncover in further detail the events of the alleged misconduct by the Employees. The investigations were completed on 25 October 2024, after about nine months. These investigations led A&M to conclude that S$74 million had been misappropriated and wrongfully paid out from either Zhong’s or LFI’s bank accounts to the Defendants. These findings were revealed in a report prepared by A&M (the “Report”). 8) The Claimants, in reliance on the findings of the Report, took action to recover the monies from the Defendants vide HC/OC 917/2024. The Claimants took out SUM 3431 which was an ex parte application seeking for the WFO and PI against the Defendants in accordance with paragraph 71(3) of the Supreme Court Practice Directions (“SCPD 2021”). SUM 3431 was taken out in support of the main suit in HC/OC 917/2024 against the Defendants … … Conclusion 107) For the above reasons, I uphold ORC 6146 in part. This court upholds the WFO on the same terms against all the Defendants; upholds the PI on the same terms against Shannon and Singa Wealth; upholds the PI on varied terms against Alice and Eileen; and discharges the PI against Richard. Accordingly, SUM 3783, SUM 3784 and SUM 3785 for the stay of ORC 6146 and SUM 114, SUM 115 and SUM 116 for the setting aside of ORC 6146 are dismissed.”
“ China Businessman Lee Fung International Founder Zhong Renhai (Family Office Panda Enterprise) Files Singapore Lawsuit Against 4 ex-Employees & Their Company Singa Wealth (BVI) to Freeze Assets & Injunctions for Misappropriating $55.5 Million (S$74 Million), Discovery Made in 2023 December with Alvarez & Marsal Appointed to Investigate in 2024, $55.5 Million Misappropriated from His Singapore-Based Company Lee Fung International & Family Office (Panda Enterprise), Zhong Renhai China Onshore Business is Petrochemical Production & Trading Conglomerate, 4 ex-Employees are Shannon Goh Sock Ngee, Alice Lim Wee Siew, Eileen Ealham & Richard Yap Shin Tze, Salary Discrepancy of $6.2 Million (S$8.3 Million), Shannon Received Annual Salary Ranging from S$781,000 to S$1.8 Million from 2019 to 2022, Eileen Received Annual Salary from S$885,000 to S$1.4 Million from 2019 to 2022, Alice Received Annual Salary from S$281,000 to S$980,000 from 2019 to 2022 “
China Businessman Lee Fung International Founder Zhong Renhai (Family Office Panda Enterprise) Files Singapore Lawsuit Against 4 ex-Employees & Their Company Singa Wealth (BVI) to Freeze Assets & Injunctions for Misappropriating $55.5 Million (S$74 Million), Discovery Made in 2023 December with Alvarez & Marsal Appointed to Investigate in 2024, $55.5 Million Misappropriated from His Singapore-Based Company Lee Fung International & Family Office (Panda Enterprise), Zhong Renhai China Onshore Business is Petrochemical Production & Trading Conglomerate, 4 ex-Employees are Shannon Goh Sock Ngee, Alice Lim Wee Siew, Eileen Ealham & Richard Yap Shin Tze, Salary Discrepancy of $6.2 Million (S$8.3 Million), Shannon Received Annual Salary Ranging from S$781,000 to S$1.8 Million from 2019 to 2022, Eileen Received Annual Salary from S$885,000 to S$1.4 Million from 2019 to 2022, Alice Received Annual Salary from S$281,000 to S$980,000 from 2019 to 2022
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