\n<\/p>\n
According to the prosecution, Ong\u2019s involvement in the case stems from his business relationship with then-Sakae Holdings\u2019 managing director Douglas Foo. The two entered into a joint venture to acquire Bugis Cube.<\/p>\n
Both agreed in 2009 that that GREIH would be the joint venture vehicle, with Sakae Holdings later becoming a minority shareholder.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
The prosecution charged that Ong instigated Ong Han Boon to create a document around Jun 20, 2012 and backdate the document. The lease went through multiple drafts, with key versions only created months later.<\/p>\n
Ong Han Boon, who has since pleaded guilty and was jailed, later testified against the accused, giving evidence that the false lease was used to support a claim that GREIH owed compensation after supposedly terminating the agreement.<\/p>\n
Judge Tan found that the document was false, and accepted Ong Han Boon’s evidence, which was consistent with documentary evidence and broadly logical.<\/p>\n
In September 2012, Ong caused GREIH to transfer S$15.8 million to related entities – S$14.3 million to ERC International and S$1.5 million to ERC Unicampus.<\/p>\n
The court found these payments were not justifiable, and that the misappropriation had caused wrongful loss to GREIH.<\/p>\n
All three men were also found to have given false evidence in affidavits filed in the related High Court civil suit, in which they claimed the lease had been signed in March 2012.\u00a0<\/p>\n
The case has been adjourned for mitigation and sentencing on Jul 30. All three have pending charges that both sides will discuss how to deal with.<\/p>\n
The punishment for intentionally giving false evidence during a judicial proceeding is up to seven years’ jail and a fine.<\/p>\n
For criminal breach of trust, Ong could be jailed for up to seven years, fined or both.<\/p>\n
If found guilty of abetting the forgery of a valuable security, he could be jailed for up to 15 years and fined.<\/p>\n<\/div>\n