A former Managing Director of Catalist-listed KLW Holdings Limited (the “Company”) (now known as HS Optimus Holdings Ltd) was charged on 17 September 2021 for misappropriating $16.2 million from the Company, amongst other offences.
He faces the following charges:
- One count of Section 471 read with Section 465 of the Penal Code, for allegedly using as genuine a document which he had reason to believe was forged;
- Three counts of Section 477A of the Penal Code, for allegedly instigating the making of false entries in the Company’s financial statements;
- One count of Section 162(6) of the Companies Act, for allegedly authorising the Company to provide a loan of S$1.95 million to himself;
- Two counts of Section 331 read with Section 199 of the Securities and Futures Act, for his alleged consenting to the Company’s making of certain misleading statements;
- Two counts of Section 331 read with Section 203 of the Securities and Futures Act, for his alleged neglect in connection with the Company’s failure to disclose certain information that the Singapore Exchange Catalist Rules required to be immediately disclosed;
- One count of Section 408 of the Penal Code, for allegedly misappropriating a sum of S$2.2 million from the Company; and
- Two counts of Section 408 read with Section 109 of the Penal Code, for allegedly engaging in a conspiracy with another person to misappropriate a total sum of S$14 million from the Company.
A business associate of the former Managing Director was also charged on 17 September 2021 with two counts of Section 408 read with Section 109 of the Penal Code for allegedly abetting the former Managing Director in the misappropriation of $14 million from the Company.
If convicted, the accused persons face:
- Imprisonment of up to four years, fine, or both, on the Section 471 read with Section 465 of the Penal Code charge;
- Imprisonment of up to 10 years, fine, or both, on each count of the Section 477A Penal Code charges;
- Imprisonment not exceeding 2 years, or a fine not exceeding $20,000, on the Section 162(6) Companies Act charge;
- Imprisonment not exceeding seven years, a fine not exceeding $250,000, or both, on each count of the Securities and Futures Act charges; and
- Imprisonment of up to 15 years, and shall also be liable to fine, on each count of the Section 408 Penal Code charges.
PUBLIC AFFAIRS DEPARTMENT
SINGAPORE POLICE FORCE
17 September 2021 @ 11:30 AM
SINGAPORE POLICE FORCE
17 September 2021 @ 11:30 AM