SINGAPORE: The chief operating officer of a listed company who misappropriated its assets was sentenced on Tuesday (Jan 6) to five-and-a-half years’ jail.
Richard Siua Cheng Foo pleaded guilty to one count of criminal breach of trust as a key executive of the company, which dealt with mobile phones and accessories. Another four charges were taken into consideration.
He had ordered employees to draw down from marketing funds and deliver mobile devices to him, which he sold for his own profit.
In total, across all charges, the 54-year-old Singaporean misappropriated company assets amounting to more than S$2.5 million (US$1.95 million) over about a year.
THE CASE
The court heard that Siua was the COO of MDR Limited, a company listed on the mainboard of the Singapore Exchange.
He was concurrently the chief executive officer and registered director of several of MDR’s subsidiaries. The group of companies distributed and sold mobile handsets and accessories.
From November 2020, Siua began misappropriating phones and selling them for money as he had become addicted to gambling.
He also realised that his employees did not monitor his use of the phones or question his instructions as they trusted him.
