THE CASE
According to the prosecution, Ong’s involvement in the case stems from his business relationship with then-Sakae Holdings’ managing director Douglas Foo. The two entered into a joint venture to acquire Bugis Cube.
Both agreed in 2009 that that GREIH would be the joint venture vehicle, with Sakae Holdings later becoming a minority shareholder.
Ong then set up Gryphon Real Estate Investment Corporate, which later became the majority shareholder of GREIH, and Gryphon Capital Management, a management company to handle the Bugis Cube units.
The prosecution said that documentary records showed Ong Han Boon and the three accused created a false “paper trail” to support a fabricated narrative: That GREIH had leased units in Bugis Cube to ERC Institute, then terminated the lease and therefore owed ERC Institute compensation.
At the centre of the case was a lease agreement purportedly dated Mar 1, 2012 between GREIH and ERC Institute, which appeared to grant ERC Institute tenancy over several floors of the development.
