Sakae Holdings ex-director who misappropriated $15.8 million gets over 10 years’ jail
Andy Ong Siew Kwee and two other men - Ho Yew Kong and Chua Wei Tat - were earlier convicted after a trial.
Sakae Holdings' former director, Andy Ong Siew Kwee, was sentenced to over ten years in prison for misappropriating $15.8 million. Ong, who was convicted in May, was a majority shareholder, director, and founder of ERC Holdings, among other related organizations. He was accused of aiding in the falsification of a lease agreement between his joint venture, GREIH, and ERC Institute.
According to the prosecution, Ong instructed his associate, Ong Han Boon, to prepare a contract purporting that GREIH and ERC Institute had leased NBCC to ERC Institute. This contract was eventually backdated to March 2012. The prosecution stated that Ong, Ong Han Boon, Ho Yew Kong, and Chua Wei Tat, all of whom were involved in giving false evidence, intended to deceive anyone who read the fabricated document, making it appear as if ERC Institute was owed compensation by GREIH.
On August 7, the court also heard that the trio had been convicted of intentionally giving false evidence linked to the suit. All four men will appeal against their convictions and sentences.
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