Shameless crook RM cheated $2M from Khoo Teck Puat's daughter

[Rogue Trader]

<header style="color: rgb(0, 0, 0); font-family: Verdana, Tahoma, 'DejaVu Sans', sans-serif; font-size: 16px; line-height: 24px;">Man jailed 6 years for cheating Khoo Teck Puat’s daughter of S$2 million
SINGAPORE — A former private wealth relationship manager has been sentenced to six years in jail for cheating the daughter of late philanthropist and banker Khoo Teck Puat.</header>

BY CLAIRE HUANG JINGYI -
MARCH 10
SINGAPORE — A former private wealth relationship manager has been sentenced to six years in jail for cheating the daughter of late philanthropist and banker Khoo Teck Puat.

During his employment with Deutsche Bank in 2010 and 2011, 39-year-old Bernard Lim Seng Soon cheated 79-year-old Madam Khoo Bee See of S$2 million.

As Mdm Khoo’s relationship manager, Lim was to tailor different investment plans for her.

In September 2010, Lim pitched to Mdm Khoo a fictitious investment product. As there were insufficient funds in Mdm Khoo’s account, he asked her to take up a S$2 million short term loan with Deutsche Bank.

However, the funds were transferred to Lim’s wife Jaime Ho Ai Lin’s account instead. At that time, his wife was a staff of RBS Coutts & Co Limited, Singapore as a private banking officer. She had a staff account with RBS Hong Kong, and cashier’s orders or cheques to be deposited could be issued without indicating staff names.

Lim eventually used the funds he transferred for personal investment purposes to pay off his gambling debts and other loans. He also transferred some monies to his own account.

In his submissions, the prosecution urged the court to impose a jail term of seven to eight years. It proceeded on six of the 18 charges; the remaining 12 were taken into consideration for sentencing purposes.

The defence had argued that Lim has made full restitution, and noted that Lim was addicted to gambling and thus resorted to this.

But the district judge noted Lim had planned to commit the offences. The judge added that Lim had taken advantage of a loophole in RBS’ procedures and abused the trust placed in him by his client.

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[syed putra]

Malays play guitar at void deck, chinese forever and ever paying off gambling debts.

 

[GoldenPeriod]

the wife didn't kena jailed too?

 

[Narong Wongwan]

This is a case of robber met thief.....
KTP is also a big crook himself.

 

[syed putra]

This is a case of robber met thief.....
KTP is also a big crook himself.

I dunno KTP personally. But he founded Maybank, the largest banking group in Malaysia presently. He was compensated when Malaysia bummied his bank when amanah Salam or pernas bought over his entire stake. So he took all that money and bought shares in charterered bank and became a sinkie.

 

[yellowarse]

I dunno KTP personally. But he founded Maybank, the largest banking group in Malaysia presently. He was compensated when Malaysia bummied his bank when amanah Salam or pernas bought over his entire stake. So he took all that money and bought shares in charterered bank and became a sinkie.

KTP was a crook. Period.

National Bank of Brunei controversy
Khoo had built business and social relationships with the Brunei royal family from the 1960s, and in 1965 established the National Bank of Brunei (NBB) with equity participation from the royal family. In the early 1980s though, his ties with the Sultan of Brunei Hassanal Bolkiah were reportedly strained by a hotel deal and by negotiations over the ownership of NBB.

In November 1986, it emerged that 90% of NBB’s loans were to companies controlled by Khoo and made without proper security or interest charged. NBB also owed more than S$600 million to other banks and depositors, and was closed by the Brunei government after an investigation. Khoo argued that NBB had not breached Brunei’s few banking regulations and had not caused losses to shareholders. However, the government charged Khoo’s son Ban Hock, the chairman of NBB, with five counts of defrauding the bank and issued a warrant of arrest for Khoo.

Khoo moved from Australia to various countries including South Korea and Bangkok to avoid extradition to Brunei, but Ban Hock was found guilty and sentenced to four years in jail. The incident forced Khoo to resign from the board of Stanchart and sell a number of his assets, including his stakes in Exco and Southern Pacific, to pay off his liabilities of around S$450 million at NBB. The Brunei government’s civil suits against Khoo were dropped after he made restitution in June 1988 and the warrant of arrest was allowed to lapse.

 

[Equalisation]

Agree.

There is a very high probability that he will skip court if bail is posted.:o

 

[laksaboy]

Malays play guitar at void deck, chinese forever and ever paying off gambling debts.

Chinese gamble (and pray for lucky numbers).

Malays take drugs.

Indians drink (and beat up wives).


Any race can play the guitar.

 

[laksaboy]

KTP was a crook. Period.

In Sinkieland, being a traitor lets you become the president or prime minister. Naturally, being a crook entitles you to have a hospital named after you.

Of course, you still need to be a wealthy crook... call yourself a 'philanthropist' and all is forgiven.

In fact, a lot of leeway is given to you if your father was also one of those 'philanthropists'.

 

[chootchiew]

Upon tranfering the money to his wife account, they should have fled, isn't it as simple as that ? Wondering what were in their mind, they thought it will not be found out ? Strange mind and thinking. More strange this type of intelligence can work as a RM .:*:

 

[GoldenDragon]

Was told KTPH was the result of bargaining. In exchange not to proceed with tax evasion charges.

 

[yellowarse]

Was told KTPH was the result of bargaining. In exchange not to proceed with tax evasion charges.

Actually KTP's two daughters were charged (as directors) after his death for not disclosing his stakes in several listed companies, which would have meant time behind bars. A plea bargain was reached in which they'd plead guilty and get off with a fine in return for a large donation to the (then) about-to-be-built hospital.

 

[tanwahp]

KTP was a crook. Period.

It's quite hard for anyone to become that rich without having the least bit of crookedness in him/her.

 

[GoldenDragon]

Actually KTP's two daughters were charged (as directors) after his death for not disclosing his stakes in several listed companies, which would have meant time behind bars. A plea bargain was reached in which they'd plead guilty and get off with a fine in return for a large donation to the (then) about-to-be-built hospital.

Thanks. Surely the large donation part was an under-the-table deal.

 

[GoldenDragon]

It's quite hard for anyone to become that rich without having the least bit of crookedness in him/her.

That is true. Btw, everyone has some crookedness in them. Some evil bones too.

 

[nutbush]

greedy and cunning, must be a pap supporter and a crony, greed knows no bound.

But the district judge noted Lim had planned to commit the offences. The judge added that Lim had taken advantage of a loophole in RBS’ procedures and abused the trust placed in him by his client.
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[Merl Haggard]

Was told KTPH was the result of bargaining. In exchange not to proceed with tax evasion charges.

No not tax evasion, but over the 138,000 sq ft of land deal at 28 Scotts Road.

Later HPL JV with Malayan Credit to buy over 28 Scotts Road from Tan Sri KTP to develop a block of high-rise luxurious condominium where LKY and his family members bought a number of units with huge discounts.

Originally 28 Scotts Road was owned by a prominent Teochew multi-millionaire Mr Tan Siak Kew who was the founder and owner of the Four Seas Communication Bank.

 

[Merl Haggard]

I dunno KTP personally. But he founded Maybank, the largest banking group in Malaysia presently. He was compensated when Malaysia bummied his bank when amanah Salam or pernas bought over his entire stake. So he took all that money and bought shares in charterered bank and became a sinkie.

Before Tengku Abdul Rahman gave him a license to operate Malayan Banking, he was working in OCBC with Tan Chin Tuan.

The OCBC board of directors promoted TCT ahead of him to MD of OCBC, and that angered Tan Sri KTP who then went to ask Tengku for assistance.

If not for Tengku's intervention, Tan Sri Khoo would have been jailed by the Malaysian govt for using all the funds in Malayan Banking to finance all his property acquisitions in S'pore.

Episode of Standard Chartered Bank introduced by Allan Ng (former UOB deputy chairman) was in the late 90's after he agreed to donate $150m to build KTPH over the land deal at 28 Scotts Road.

 

[GoldenDragon]

No not tax evasion, but over the 138,000 sq ft of land deal at 28 Scotts Road.

Later HPL JV with Malayan Credit to buy over 28 Scotts Road from Tan Sri KTP to develop a block of high-rise luxurious condominium where LKY and his family members bought a number of units with huge discounts.

Originally 28 Scotts Road was owned by a prominent Teochew multi-millionaire Mr Tan Siak Kew who was the founder and owner of the Four Seas Communication Bank.

Thanks bro. Appreciated.

 

[rushifa666]

The khoo residence must be missing a TV. FOURTEEN. CHILDREN? Did they even stop for meals?