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Company director pleads guilty to submitting false PIC claim

A company director has pleaded guilty to submitting a false Productivity and Innovation Credit (PIC) claim in order to obtain a cash payout of S$60,000 for his company.

SINGAPORE: A company director has pleaded guilty to submitting a false Productivity and Innovation Credit (PIC) claim in order to obtain a cash payout of S$60,000 for his company.

Alex Rajan, a 47-year-old director of machinery equipment manufacturer Exel Mitsui Technologies Pte Ltd, will be sentenced next Friday.

The company has also been ordered to pay a fine of S$8,000 and a penalty of S$180,000.

This is the second case of a company and its director making false claims to benefit from the PIC Scheme, which was set up to support businesses that invest in innovation and productivity improvements.

In September, Khoo Tzyh Shin, the director of computer hardware company Greenit Pte Ltd, was sentenced to eight weeks' jail for fraudulently claiming a PIC cash payout of S$58,143.60.

Greenit was fined S$10,000 and ordered to pay a penalty of S$232,574.40, which is four times the amount of cash payout that it had fraudulently claimed. 

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