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SINGAPORE: Founder of the now-defunct multi-level marketing company, Sunshine Empire, took the stand in court on Monday.
James Phang Wah, who has been charged with fraud, falsifying accounts and criminal breach of trust, told the court he never intended to cheat anyone.
He said he spent a long time studying how to make a multi-level marketing company work.
49-year-old Phang said he had often tried to explain to his members that there are no guaranteed returns.
He said they were determined by Sunshine Empire's profit.
Phang faces 20 charges involving some S$3.5 million, while his wife Neo Kuon Huay faces seven charges amounting to about S$700,000.
The company's ex-director Jackie Hoo Choon Cheat faces 10 charges that involve more than S$900,000.
Phang said after he suffered a S$6-million loss in investments in Indonesia, he went behind the scenes and worked as a consultant, helping students to set up multi-level marketing companies.
Even though Phang is the founder of Sunshine Empire, he said his roles in the company are as consultant and manager.
However, the prosecution said Phang played a big role in setting the direction of the company, as the top management paid great attention to his words.
- CNA/yb
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