DAVID Sin, 44, one of Fullerton Healthcare Corporation’s (Fullerton Health) three co-founders, was granted approval on Monday (Jun 10) to leave Singapore to visit his family in China.
Before Monday’s hearing, his bail was originally set at S$200,000. An additional bail of S$100,000, to be provided in one surety, had to be posted for him to leave Singapore. The sureties must also provide monetary security.
Who is Sin?
Sin, a Singaporean, is the former president and deputy chairman of Fullerton Health.
He was once widely credited for transforming the private healthcare solutions provider into a pan-Asian platform from a Singapore-centric entity, alongside then minority owners Daniel Chan and Michael Tan.
Sin ceased involvement with Fullerton Health’s board after private equity firm RRJ Capital led the healthcare provider’s buyout in 2022.
In the world of private equity, Sin was known as a healthcare entrepreneur. In 2019, his private vehicle SIN Capital, which was then also majority owner of Fullerton Health, listed a special purpose acquisition company (Spac), SC Health Corporation on the New York Stock Exchange.
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Spacs, or “blank cheque companies”, are listed shell companies that acquire an existing operating company, thus taking the private company public.
He graduated with a degree in accounting and finance from the University of Manchester and a Master of Business Administration from Harvard Business School.
What is Sin being charged with?
Sin and fellow co-founders Daniel Chan and Michael Tan face charges related to corruption and falsifying, or conspiring to falsify, nearly half a million dollars in entertainment claims to defraud Fullerton Health.
The trio, who were then-owners of the healthcare company, were alleged to have committed these offences to provide gratification and bribes to Collin Chiew, a former chief executive of insurance broker Aon Risk Solutions in Singapore.
To date, Sin faces 13 charges with eight counts for allegedly conspiring with co-founder Chan to falsify accounts.
Sin also faces five counts, for conspiring to corruptly give gratification totalling S$668,000 to Chiew over several occasions between 2015 and 2018, and in 2019. Tan faces four counts, while Chan is charged with one count for the same offence.
When did Sin get in the news?
Fullerton Health made headlines when the company announced its initial public offering in 2015. These plans were later shelved amid controversy sparked by anonymous complaints to regulators over the company’s business practices. The company however attributed its decision to market uncertainty.
In 2021, then-owners of the company, led by Sin, put Fullerton Healthcare up for sale. This was amid rumours of financial strain facing the company.
The trio faced differences over how the sale of Fullerton Health should be executed, which also played out in court. Disputes among them arose over how much of the company should be put on the block for the transaction, which was estimated to potentially fetch about US$1 billion.
The Business Times previously reported that Sin intended to sell all of Fullerton Health, while Tan and Chan purportedly did not wish to sell their shares in the company, and were keen to stay on as directors and shareholders.
RRJ Capital eventually led a buyout of Fullerton Health. This was after the healthcare company reached a settlement with Tan and Chan, who withdrew a petition in January 2022 to wind up the company.
