[SINGAPORE] A car dealer faces 26 charges of evading around S$1.1 million of excise duty and GST on 123 cars, which include models from Porsche, Ferrari, Rolls-Royce and more.
Wu Chong, also known as Fed Wu, a 47-year-old Singaporean, is alleged to have carried out these offences from February 2019 to November 2024.
The scheme involved submitting fraudulent Declaration of Facts for Assessment of Motor Vehicles to Singapore Customs, which means the vehicles were undervalued compared to their true cost.
12 of the charges name Hiroshi Matsumoto, a Japanese man who is a Singapore permanent resident, as a co-conspirator. Industry sources said Matsumoto is a shipping receiver for car imports.
More than 100 cars involved
According to judiciary documents, Wu imported 30 Porsches, five Rolls-Royces, five Ferraris, five McLarens, 36 Toyotas and 15 Hondas, as well as models from BMW, Lamborghini, Bentley and Smart.
Some of these include ultra-luxury, high performance or limited edition models such as the Rolls-Royce Cullinan, and Ferrari 488 Pista which cost more than S$1.5 million dollars at retail.
The cars were imported by two companies: Allmotoring.sg and Shine Trust Trading.
Allmotoring.sg is a sole proprietorship with Wu as business owner, while Shine Trust Trading is a private limited company with Matsumoto as director and majority shareholder.
Allmotoring.sg is involved in car rental and retail, and markets itself as a specialist in pre-owned Porsches and luxury performance vehicles, while Shine Trust Trading is involved in car retail and wholesale trade of goods.
Matsumoto was also mentioned in a similar charge levied at Motorway founder Michael Lim.
Wu faces one charge of avoiding excise duty and 25 amalgamated charges of avoiding excise and goods and services tax, with the amount evaded totalling S$1.1 million.
Summed penalties across all 26 charges amount to S$22.7 million.
Under Section 124(8)(a)(ii) of the Singapore Criminal Procedure Code 2010, the court may amalgamate multiple incidents into one consolidated charge and sentence the accused to twice the amount of punishment.
Bail was set at S$200,000 and the next hearing for Wu’s case is Jul 31.
Wu has a number of interests in the automotive sector. He is the sole proprietor of Lease and Own.Sg, a car rental company.
He is also a majority shareholder of 360 Carmart, a private limited firm that offers management consultancy services; and Allmotoring Garage, also a private limited company, that repairs vehicles.
According to Allmotoring.sg’s website, he was an executive committee member of the Singapore Vehicle Traders Association.
