46 y.o Ong Eng Sing, who is the former CEO of Pokka International, as well as Chia Cher Khiang and Lim Hee Kiat were charged in court today (12 Nov) for offences related to disclosure.
Ong was charged with three counts of having a transaction with Pokka International where he failed to disclose his indirect interest.
Chia and Lim were charged with their failure to inform the Singapore Stock Exchange (SGX) on Kimly’s acquisition of Asian Story Corporation (ASC) as the acquisition was allegedly an interested person transaction.
An additional count was added to Lim’s charges as he did not disclose his direct interest in the acquisition.
Chia was offered $50,000 for bail while Lim was offered $70,000.
Ong was alleged to have partial beneficial ownership in ASC and failed to disclose it to Pokka International and Pokka Corporation thrice during the transaction between the two companies.
For their offences, they could receive up to seven years in jail, fined up to $250,000 or both for failing to disclose that the acquisition was an interested person transaction.
A jail term of 12 months or a fine up to $5,000 is also liable for offenders who fail to disclose their interest with the company.
Image source: my.pokka.co & kimlygroup.sg