SINGAPORE, June 27 — Electric wire manufacturer Kowns International has been charged with money laundering over more than S$571,000 (RM1.89 million) found in its bank account, believed to be proceeds of criminal conduct.

The Singapore-registered firm is alleged to have committed the offence in September 2021, police said in a statement on June 29, according to a report in The Straits Times today.

Between September 8 and 14, 2021, the company allegedly received funds linked to a scam targeting a foreign business, with part of the money later transferred to overseas accounts.

Authorities stated that Kowns International could not satisfactorily explain how it came into possession of the funds.

A company representative is scheduled to appear in court on August 6, where the firm could be convicted of the offence.

If found guilty, the company could face a fine of up to S$300,000.