Former Sakae Holdings director gets jail for misappropriating S$15.8 million, lying in High Court

Delivering her sentence for Ong, District Judge Jill Tan noted the aggravating factors raised by the prosecution – the large sum misappropriated, the high level of trust placed in him as the chief investment officer of Gryphon Capital Management, the steps he took to avoid detection, and his lack of remorse.

She agreed with the prosecution that S$15.8 million was an “objectively high” sum. Although Ong made full restitution, she accepted that it was not voluntary as it was pursuant to her judgment and did not reflect his remorse.

The defence had argued that Ong’s seniority in the company did not establish an elevated level of trust that warranted an uplifted sentence. 

If not for Ong’s position at work and the high degree of trust in him, the funds could not have been moved so easily, the judge said. 

The judge also noted the prosecution’s argument that once Ong realised his initial narrative had collapsed, he “performed a complete about turn” and changed his account midway through the trial.

The defence rejected this characterisation of Ong’s evidence as a “complete about turn”, calling it hyperbolic.

Judge Tan noted that in her verdict, she had agreed with the prosecution that the new evidence given by Ong was not credible. She rejected the defence’s claim that the variation in Ong’s defence was a “legitimate exploration of different explanations” for the transfers made.

She also noted that the false evidence given by Ho and Chua was meant to bolster the false narrative put up by Ong, but acknowledged that their culpability was less than Ong’s.

All three men will be appealing their convictions and sentences, their lawyers said. They also face multiple pending charges that will be dealt with at a later date.

Ong sought permission to leave the country to travel to Thailand, France and Italy to settle business matters, with his lawyers claiming that no one else could do it for him. The judge rejected the request, saying his flight risk has increased following his sentencing.

The court had given Ong previous reminders that he needs to get his affairs in order so that he would not need to travel overseas for business, she added.