Former Sakae Holdings director gets jail for misappropriating S$15.8 million, lying in High Court

Former Sakae Holdings director Ong Siew Kee received a 10-year and six-month prison sentence on Friday for misappropriating S$15.8 million and lying in court. The charges included criminal breach of trust, abetting forgery, and providing false evidence. Ong was convicted in May on multiple counts and was found guilty, along with his associates Ho Yew Kong and Chua Wei Tat, of giving false evidence in High Court proceedings related to the case.

District Judge Jill Tan emphasized the high degree of trust placed in Ong as the chief investment officer of Gryphon Capital Management, the large sum misappropriated, and his lack of remorse. Despite making full restitution, the judge noted that the full payment was not voluntary and did not reflect Ong's remorse. The defense argued against an elevated sentence, citing Ong's seniority in the company, but the judge disagreed, stating that Ong's position made it easier for the funds to be moved.

Ho and Chua were each sentenced to 12 months in jail for their role in giving false evidence. All three men have stated their intention to appeal their convictions and sentences, and they face additional pending charges.