By Elena Chong, Courts Correspondent

A COMPANY and its director became the first to be convicted of abusing a tax exemption scheme.

On Tuesday, Gan Oh Boon, managing director of Steel Forming and Rolling Specialists (SFRS), was jailed for two weeks, fined $8,000 and ordered to pay a penalty of $988,934 after pleading guilty to five tax evasion charges.

SFRS, which makes pressure vessels and steel structures for use on ships, was fined a total of $24,000 and ordered to pay a penalty of $988,934 on five similar charges.

Read the full report in Wednesday's edition of The Straits Times.

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