Ex-Sakae director gets 10.5 years in S$15.8 million fraud case
What's next: Ong Siew Kwee and two associates are appealing, and all three still face additional pending charges.
Former Sakae Holdings director Ong Siew Kwee was sentenced Friday to 10 years and six months in jail for helping siphon S$15.8 million from a joint venture tied to Bugis Cube and for lying in court. Ong, 56, was convicted in May of criminal breach of trust, abetting forgery and giving false evidence. The case centered on a lease agreement backdated to March 2012 that prosecutors said was used to create a false claim that Griffin Real Estate Investment Holdings owed compensation to ERC Institute. Two associates, former GREIH director Ho Yew Kong and former Gryphon Capital Management asset manager Chua Wei Tat, each got 12 months for false evidence. Ong's jail term was stayed on S$1 million bail pending appeal.