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Singapore

Former managing director of KLW Holdings charged with misappropriating S$16.2 million

Former managing director of KLW Holdings charged with misappropriating S$16.2 million

File photo of a gavel.

SINGAPORE: A former managing director of door-maker KLW Holdings was on Friday (Sep 17) charged with misappropriating S$16.2 million from the company.

Lee Boon Teck faces 12 charges in total for alleged multiple offences. 

He was accused of misappropriating S$2.2 million, and conspiring with another person to misappropriate S$14 million from KLW Holdings - now known as HS Optimus Holdings, police said in news release. 

He also allegedly authorised the company to provide a S$1.95 million loan to himself, instigated the making of false entries in its financial statements, and used as genuine a document that he had reason to believe was forged. 

Other charges include his consent to the company making misleading statements, and his neglect in the firm's failure to reveal information that the Singapore Exchange Catalist Rules required to be immediately disclosed

His business associate, Chan Ewe Teik, was also charged on Friday with abetting him in the misappropriation of S$14 million.

Anyone convicted of criminal breach of trust as an employee can be jailed for up to15 years and shall also be liable to fine. 

Each count of falsifying accounts carries a jail term of up to 10 years and/or a fine

Source: CNA/lk(gr)

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