A CapitaLand property sign is pictured next to a development project in the financial business district in Singapore on Oct. 21, 2021. Photo by AFP
A senior executive has allegedly embezzled AUD2.7 million (US$1.8 million) from an Australian unit of Singapore’s major property developer CapitaLand.
The company has accused 44-year-old South Korean citizen, Yongho Lee, of defrauding its lodging trust, CapitaLand Ascott Trust, by fabricating tax, insurance, and legal documents, according to a report by the Australian Financial Review.
Lee, who was hired in 2018 to manage the Ascott Trust until last year, is alleged to have falsified tax invoices to inflate the company’s tax payments, then siphoned the refunds issued by state revenue officials, based on claims filed with the Federal Court of Australia.
He also allegedly diverted insurance payments to his own bank accounts and inflated invoices for legal services.
The stolen funds were allegedly transferred in small amounts over an extended period. Lee was dismissed in 2023 for failing to file the company’s tax documents, though his dismissal was not directly related to the alleged fraud.
The last payment into his account came two days before he left the business.
CapitaLand detected the fraudulent payments only at the end of 2023. By then, Lee was no longer reachable.
Police believe he has fled to South Korea, according to affidavits filed with the court.
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