Breaches to the Companies Act
On 27 Aug 2018, Teoh was convicted and fined $16,800 for 14 charges at $1,200 per charge in the State Courts. Teoh pleaded guilty to the charges for offences under sections 175 and 197 of the Companies Act for failing to hold the annual general meeting (AGM), and failing to file annual returns (AR) in relation to 16 companies. A further 32 charges were taken into consideration for sentencing. Teoh will also be disqualified as director of all companies that he has been appointed to and from taking on new appointments.
<Offences under the Company Act>
Company directors who fail to hold AGM and/or file Annual Returns may be fined up to $5,000 per charge. In addition, directors who have been convicted of three or more filing related offences under the Companies Act within a period of five years, can be disqualified by ACRA and will not be allowed to be a company director or take part in the management of any local or foreign companies for 5 years, effective from the date of conviction.
Inland Revenue Authority of Singapore (IRAS), Accounting and Corporate Regulatory Authority (ACRA)