In addition, Chong was charged with one count of cheating Bank Julius Baer, where he had deposited the cheque for S$1.5 million issued by Dr Lim in Paromay’s account with the private bank.
Chong is alleged to have falsely represented to Bank Julius Baer that he had received the S$1.5 million as “shadow equity” paid by Dr Lim in connection with the sale of her business and medical practices to SOG. CPIB said Bank Julius Baer was thus dishonestly induced to accept the cheque and to consent to retaining the sum in Paromay’s account.
This constitutes an offence punishable under Section 417 of the Penal Code. If convicted, Chong may be fined and/or jailed for up to three years.in the midst of a dispute concerning the company’s claim for S$1.5 million from him in relation to a transaction. SOG said then that Chong was involved in the transaction, but did not give further details.to settle the dispute.
CPIB on Thursday advised companies to put in place robust procedures in areas such as procurement and internal audits, to avoid falling victim to dishonest practices by “rogue employees seeking personal gains”.
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