SINGAPORE: The former CEO of Oriental Group Limited, which was delisted from the Catalist board in May 2019, was charged earlier this month for allegedly misappropriating S$500,000, the police said in a news release on Thursday (Dec 23).
Lee Wan Sing, 45, was charged for misappropriating the money that had been entrusted to him in his capacity as CEO between November 2014 and August 2015.
Lee had left Singapore prior to the start of investigations and was arrested in Malaysia with assistance from the Royal Malaysia on Dec 1, the police said.
According to court documents, the cash had been entrusted to Lee as consideration for the subscription of the company's convertible loan notes.
He was charged on Dec 4 under the Penal Code, and investigations are ongoing, the police said.
Lee was offered S$250,000 bail, according to court documents.
Another 10 people were also charged for various offences under the Securities and Futures Act and Penal Code, including Oriental Group’s former group financial controller, ex-finance manager and a former substantial shareholder.
These three were charged on Dec 10 for allegedly conspiring with various people to create a false appearance of Oriental Group’s share price between April 2015 and January 2016, the police said.
The alleged impugned trades were placed through at least 52 trading accounts, they added.
Separately, the former group financial controller was also accused of instigating a former employee of Oriental Group to forge a document for the purpose of cheating.
The remaining seven people – six men and one woman – aged between 41 and 74, were charged on Thursday for allegedly placing orders in Oriental Group’s shares in their accounts under the instructions of the former CEO.
This was done without the authorisation of the respective brokerage firms, hence engaging in practices which were “likely to operate as deceptions” on the firms, said the police.
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Lee Wan Sing, 45, was charged for misappropriating the money that had been entrusted to him in his capacity as CEO between November 2014 and August 2015.
Lee had left Singapore prior to the start of investigations and was arrested in Malaysia with assistance from the Royal Malaysia on Dec 1, the police said.
According to court documents, the cash had been entrusted to Lee as consideration for the subscription of the company's convertible loan notes.
He was charged on Dec 4 under the Penal Code, and investigations are ongoing, the police said.
Lee was offered S$250,000 bail, according to court documents.
Another 10 people were also charged for various offences under the Securities and Futures Act and Penal Code, including Oriental Group’s former group financial controller, ex-finance manager and a former substantial shareholder.
These three were charged on Dec 10 for allegedly conspiring with various people to create a false appearance of Oriental Group’s share price between April 2015 and January 2016, the police said.
The alleged impugned trades were placed through at least 52 trading accounts, they added.
Separately, the former group financial controller was also accused of instigating a former employee of Oriental Group to forge a document for the purpose of cheating.
The remaining seven people – six men and one woman – aged between 41 and 74, were charged on Thursday for allegedly placing orders in Oriental Group’s shares in their accounts under the instructions of the former CEO.
This was done without the authorisation of the respective brokerage firms, hence engaging in practices which were “likely to operate as deceptions” on the firms, said the police.
Continue reading...