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

Ong Siew Kwee, a former director at Sakae Holdings, has been sentenced to 10 years and six months in prison for his role in a scheme that defrauded a joint venture of S$15.8 million. The funds were linked to the Bugis Cube development.

Ong, also known as Andy, was found guilty in May of abetting forgery, criminal breach of trust, and providing false testimony in court. The court heard that the large sum misappropriated, Ong's position as chief investment officer of Gryphon Capital Management, his efforts to evade detection, and his lack of remorse were aggravating factors.

District Judge Jill Tan described the S$15.8 million as an "objectively high" sum. While Ong made full restitution, the judge noted it was not voluntary and did not reflect genuine remorse. The judge also pointed to Ong's "complete about turn" in his testimony during the trial after his initial narrative collapsed, a characterization the defense rejected as hyperbolic.

Two associates, Ho Yew Kong and Chua Wei Tat, received 12-month jail sentences for giving false evidence. Ho was a director of the joint venture Griffin Real Estate Investment Holdings, and Chua was an asset manager. Their false evidence was intended to support Ong's fabricated account, though their culpability was deemed lesser than Ong's.

All three men are appealing their convictions and sentences. They also face additional pending charges that will be addressed at a later date.