Former Sakae Holdings director charged over offences involving more than S$25 million

Former Sakae Holdings director charged over offences involving more than S$25 million

andy ong erc sakae
Former Sakae Holdings director Andy Ong Siew Kwee was charged on Aug 3, 2018, over offences involving more than S$25 million. (File photo: ERC)

SINGAPORE: Former Sakae Holdings director Ong Siew Kwee was charged in court on Friday (Aug 3) over offences involving more than S$25 million, ranging from cheating and criminal breach of trust to offences under the Companies Act.

The 47-year-old Ong, also known as Andy, was accused of stealing S$8 million in May 2012 while he was working at Sakae Holdings' associate firm Gryphon Capital Management.

The sum of money belonged to Griffin Real Estate Investment Holdings, in which Sakae Holdings was a minority shareholder.

According to charge sheets, Ong allegedly signed a cheque from the bank account of Griffin Real Estate for S$8 million to himself as payee, and the sum was transferred to his bank account.

He then allegedly transferred the money to a bank account belonging to ERC Holdings, a company that he founded.

A few months later in June 2012, Ong allegedly deceived Sakae Holdings into believing that ERC Holdings had been granted an option to purchase more than 8 million shares of Griffin Real Estate, dishonestly inducing Sakae Holdings to give S$2.6 million to the company.

Ong also allegedly misappropriated S$15.8 million by transferring this money to two other companies from Griffin Real Estate.

He was charged along with four other men related to the case including former Griffin Real Estate director Ho Yew Kong.

Ong was offered bail of S$700,000 and will be back in court next month.

Source: CNA/ll(cy)

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