SINGAPORE, March 20 -- Singapore's efforts to become a global wealth hub have been thrust into the spotlight after an ultra-high-net-worth Chinese businessman, Zhong Renhai, sued four former employees for allegedly misappropriating S$74 million (RM246,2 million) from his Singapore-based companies.

According to Bloomberg, Zhong, the owner of liquefied petroleum gas trader Lee Fung International (LFI) and family office Panda Enterprise, has accused the former staff of orchestrating fraudulent transactions and fabricating financial documents over several years.

The alleged misconduct came to light in December 2023, prompting him to engage forensic accountants Alvarez & Marsal (A&M), who later concluded that millions had been misused.

Mean...