Ex-Sakae director Ong Siew Kwee handed 10.5-year jail term for misappropriating S$15.8 million, lying in court
Former Sakae director Ong Siew Kwee has been sentenced to 10.5 years in prison for misappropriating S$15.8 million and providing false evidence in court. He is currently out on bail pending an appeal of his conviction and sentence.
Why it matters
The case highlights significant corporate governance failures and legal consequences for executive misconduct in Singapore's business sector.
He is out on S$1 million bail pending appeal
[SINGAPORE] Former Sakae director Ong Siew Kwee was sentenced to 10.5 years of imprisonment on Friday (Aug 7) for his role in the misappropriation of S$15.8 million from a joint venture (JV) linked to the Bugis Cube development and giving false evidence in court.
Ong, however, has indicated that he will appeal against both his conviction and sentence. The 56-year-old, who is also known as Andy, has had his jail term stayed while out on S$1 million bail pending appeal.
He was convicted on one count each of abetting forgery, criminal breach of trust and lying under oath in May.
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