Jailed 6 years for Companies Act offences

[Ultimate Warrior]

Jailed 6 years for Companies Act offences

Published on Sep 14, 2012

Ong Kim Soon, who was sentenced on Sept 14, 2012 to 6 years imprisonment. -- SINGAPORE POLICE FORCE

By Elena Chong

A former marine manager who managed to get people to invest about $401,000 in two fraudulent businesses was jailed for six years on Friday.

Ong Kim Soon, 30, had admitted to seven of 17 charges under the Companies Act as well as forgery and giving a false statement to the police,

At the time of the offences between 2007 and 2009, he was a director and shareholder of A&G International Holdings, and a director of A&G Petrochemical Logistics Corporation.

A court heard that he had misled investors into believing that A&G International Holdings was a multi-million dollar petroleum company with substantial assets and good business prospects.

 

[Muthukali]

1 year is already a long time not to mention 6. Definately going to be tough.