Former Sakae Holdings director Mr Andy Ong Siew Kwee was charged in court today for offences ranging from criminal breach of trust to offences under the Companies Act, the total of which involving the sum of S$25 million.
Mr Ong, 47, was accused of siphoning S$8 million from Griffin Real Estate Investment Holdings, in which Sakae Holdings held a small share.
The crime allegedly took place during his tenure at Gryphon Capital Management, an associate firm of Sakae Holdings, in May 2012.
Mr Ong had purportedly issued a cheque of S$8 million from Griffin Real Estate Investment Holdings' bank account to himself before subsequently transferring the sum to his personal bank account, according to court documents.
The sum was then allegedly transferred to the bank account of his own company, ERC Holdings.
Additionally, Mr Ong was accused of encouraging Sakae Holdings to hand over S$2.6 million to ERC Holdings by dishonest means.
It was purported that he had falsely persuaded Sakae Holdings into agreeing that ERC Holdings was given an option to buy over approximately 8 million shares of Griffin Real Estate.
Mr Ong was also accused of misappropriating S$15.8 million by channelling the sum into two of Griffin Real Estate Investment Holdings' subsidiary companies.
Four other men who are allegedly linked to the case were also charged along with Mr Ong, namely Chua Wei Tat, 34; Ong Han Boon, 43; Wijesekera Mahin Chandika, 44; and Ho Yew Kong, 48.
It is understood that Mr Ong was offered a bail of S$700,000 and represented by Mr Vikram Nair, who is also PAP MP at the Sembawang GRC.
His case, along with the other four men, will be heard again on 10 September.