easyshit74
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N ONE of Singapore's biggest corporate scandals, a former boss of a delisted memory chip recycler was jailed for 14 years on Thursday for cheating banks of US$23 million.
Ang Ah Peng, better known as Kelvin Ang, 44, admitted last month to 30 charges.
Twenty-eight were for cheating. One was for conspiring with another person to remit US$81.7 million of EC-Asia International's (ECI) ill-gotten gains from Hong Kong to Singapore.
The other was for falsifying revenues in ECI's initial public offering (IPO) prospectus in 2003 by overstating its revenues.
He was first hauled to court last October on 687 charges involving about US$290 million.
Now a bankrupt, the former managing director of the company had, between 2001 and early 2007, bought and sold worthless memory chips, created fake orders and invoices to receive payment from banks.
The prosecution said that Ang devised a complex scheme with the help of Hongkong parties to enable the company to tap on its credit facilities without any business.
He flew to Hongkong in 2001 to persuade ECI's long-standing partners to issue the necessary trade documents and to circulate the IC chips and money between Hongkong and Singapore.
A Singapore company, Oki Semiconductor Singapore, was drawn in to give the transactions a measure of authenticity.
The bogus transactions were uncovered in 2007. Ang surrendered himself on April 17 that year.
Six days later, ECI collapsed and went into voluntary liquidation.
By then, ECI owed financial institutions and International Factors Singapore (IFS) US$25.9 million.
Urging for an appropriate sentence, Deputy Public Prosecutor David Chew said Ang's crimes were pre-meditated and dishonest.
He said another aggravating factor was its sheer magnitude in dollar terms and transactions involved over a six-year period.
Ang's remaining 657 charges were taken into consideration.
Ang Ah Peng, better known as Kelvin Ang, 44, admitted last month to 30 charges.
Twenty-eight were for cheating. One was for conspiring with another person to remit US$81.7 million of EC-Asia International's (ECI) ill-gotten gains from Hong Kong to Singapore.
The other was for falsifying revenues in ECI's initial public offering (IPO) prospectus in 2003 by overstating its revenues.
He was first hauled to court last October on 687 charges involving about US$290 million.
Now a bankrupt, the former managing director of the company had, between 2001 and early 2007, bought and sold worthless memory chips, created fake orders and invoices to receive payment from banks.
The prosecution said that Ang devised a complex scheme with the help of Hongkong parties to enable the company to tap on its credit facilities without any business.
He flew to Hongkong in 2001 to persuade ECI's long-standing partners to issue the necessary trade documents and to circulate the IC chips and money between Hongkong and Singapore.
A Singapore company, Oki Semiconductor Singapore, was drawn in to give the transactions a measure of authenticity.
The bogus transactions were uncovered in 2007. Ang surrendered himself on April 17 that year.
Six days later, ECI collapsed and went into voluntary liquidation.
By then, ECI owed financial institutions and International Factors Singapore (IFS) US$25.9 million.
Urging for an appropriate sentence, Deputy Public Prosecutor David Chew said Ang's crimes were pre-meditated and dishonest.
He said another aggravating factor was its sheer magnitude in dollar terms and transactions involved over a six-year period.
Ang's remaining 657 charges were taken into consideration.
