Sakae Holdings’ former director Ong Siew Kwee appeared in the court on Friday, August 3 in connection with financial offenses of more than $20 million.
As per reports 47-year-old Ong who also held the position of a Director at GREIH (Griffin Real Estate Investment Holdings) is facing 17 charges.
These include to two separate counts of criminal breach of trust and cheating. Known by his name Andy Ong in the realty market he had also founded ERC Holdings. The alleged irregularities are said to have been committed from 2011 to 2016.
According to the news reports, Sakae Holdings which has been running the popular Sakae Sushi chain, Andy Ong had been a minority shareholder in GREIH.
It has also been reported that ERC Group of Companies was being run by ERC Holdings and owned nearly 80% share in Gryphon Capital Management.
Interestingly the same Gryphon Capital Management managed real estate investments for GREIH. As per the documents submitted in the court Ong was involved in criminal breach of trust amounting to $23.8 million in the year 2012.
There are allegations that he transferred an amount of $8 million to his own bank account from GREIH’s account using a cheque on 24th of Mat that year.
On 13th of September the same years he transferred total of $15.8 million GREIH’s account to that of ERC Unicampus and ERC International. Apart from these he also misled Sakae Holdings by stating that ERC Holdings using its option bought GREIH’s 8,058,025 shares on 1st of June 2012.
This resulted in GREIH passing $2,641,975 to Sakae Holdings in irregular way.
Ong had the company of four other men in the court who are alleged to have been part of the irregularities. They include Wijesekera Mahin Chandika, Ho Yew Kong, Ong Han Boon (not related to Ong Siew Kwee) and Chua Wei Tat.
Apart from Wijesekera who is a Sri Lankan all the other three are Singaporeans. Ho Yew Kong and Ong Han Boon had held the position of Directors at GREIH.
Ong Han Boon is facing 9 charges which include two counts with respect to criminal breach of trust. He has been charged in colluding with Ong Siew Kwee in misappropriation of $23.8 million in 2012.
Ho on the other hand is facing 4 charges that include two counts with respect to deliberately giving false evidence before a judicial body on 11th of February 2016.
Apart from this he has also been charged for having failed to exercise reasonable diligence while performing his role as a Director of GREIH between 2012 and 2013.
Wijesekera have been charged on a single count for deliberately giving false evidence before a judicial body on the 15th of February 2016 while the fourth accused Chua also faces two counts for similar offense.
The court granted Ong Siew Kwee bail of $700,000 and at the same time Ong Han Boon earned his bail at $450,000. Senior attorney Hamidul Haq represented both the men in this case.
The other three weren’t represented on the case but were also offered bail at $20,000 each. The next hearing will take place on the 10th of September.