Reports said the businessman discovered the alleged misappropriation of funds from his family office in December 2023.

An ultra-high net worth Chinese businessman is suing four former staff in Singapore for allegedly misappropriating S$74 million ($56 million), media reports said late last week. 

Zhong Renhai, the owner of Lee Fung International (LFI) and family office Panda Enterprise in Singapore, has accused four former employees of creating fraudulent transactions and fabricating documents to misuse funds, according to a high court document, and the South China Morning Post on 19 March. A report originally appeared in Nikkei Asia. 

A judge upheld a worldwide order to freeze the assets of the employees, who were based in Singapore, along with a British Virgin Islands entity controlled by them, the report said. 

The Chinese businessman discovered that the staff members allegedly misappropriated the money from LFI and his family office in December 2023, which led to the removal of the four by January last year.