Legal Battle Unfolds Amidst Corporate Disputes and Financial Struggles
The three co-founders of Fullerton Healthcare Corporation, including former majority owner David Sin, have been charged with corruption and financial misconduct. The Corrupt Practices Investigation Bureau (CPIB) has accused Sin, along with former directors Daniel Chan and Michael Tan, of conspiring to falsify entertainment claims amounting to nearly half a million Singapore dollars in an attempt to defraud the company.
According to authorities, the trio allegedly provided bribes totaling S$668,000 to Collin Chiew, a former executive at Aon Risk Solutions, to secure business advantages between 2015 and 2019. During this period, Chan reportedly exaggerated entertainment expenses, claiming S$440,666 when actual costs were below S$170,000, using the excess funds to pay bribes.
All four individuals appeared before the Singapore State Court, where bail was set at S$200,000 for the three Fullerton Health executives. Chiew faces additional money laundering charges for allegedly using illicit funds to purchase property. The defendants are set to return to court in March for further proceedings.
This case marks another chapter in the ongoing turbulence at Fullerton Health. Once seen as a promising healthcare enterprise expanding across Asia, the company faced setbacks, including a failed IPO attempt in 2015 and financial struggles during the COVID-19 pandemic. Internal disputes among shareholders led to tensions, complicating the sale of the company. Now, Hong Kong-based private equity firm RRJ Capital has taken control, converting its debt holdings into equity.
As the legal battle unfolds, the future of Fullerton Health remains uncertain, with its leadership facing mounting legal and financial challenges.
