SINGAPORE: Instead of gambling aside the majority of the money, a producer of a business used to finance an order.  ,
Hendra Lim Yew Keng, 51, ultimately lost significantly more than what he had taken from his company affiliate.  ,
Lim, a Singaporean, was sentenced to two years and 10 months ‘ jail on Wednesday ( Feb 19 ) after he pleaded guilty to one count of criminal breach of trust.
His statement was based on two charges brought against him by the Organizations Act. These were connected to how he changed customers ‘ behavior from his first business to a brand-new one he had established.  ,  ,
Lim set up Bavarian Motors, a firm which exported and sold mechanical oil, with two friends in January 2015.  , He held the position of managing chairman with 40 per cent of the company’s shares.  ,
In 2016, Bavarian Motors was bought by another company, Xerone Solutions, which finally owned 100 per share of the business.  ,
Lim was offered and agreed to purchase a 25 % stake in Xerone Solutions. He oversaw Bavarian Motors ‘ sales and operations and remained its controlling director.  ,
Yet, concerned that his holding in Xerone Solutions had been diluted, Lim set up another firm, Exlube, in September 2016. This company also engaged in electrical lubricants.  ,
He wanted Exlube to act as a intermediary between new clients and Bavarian Motors, so that they may acquire from Bavarian Motors and supply customers while earning an extra profit margin.
Even though Lim was the only person in charge of Exlube, Lim asked his friend to serve as its chairman. From Jan 1, 2017, Lim was the sole producer of Exlube and its sole investor.  ,
Between late 2016 and quick 2017, Lim began to bargain strongly and lost money. He used Exlube materials to divert existing Bavarian Motors customers so he could get cash to kick his gambling habit.  ,
Bavarian Motors did not learn of his engagement with Exlube.  ,
Borrowed FUNDS FROM BUSINESS ASSOCIATE
Lim used business associates ‘ wealth to kickstart his gambling habit.
This company affiliate, Mr Ng Zu Sheng, was the chairman of a business that imported and exported automobile sections.  ,
Mr. Ng and his business were Lim’s customers since 2012.  ,
A user in China placed a sizable order for petroleum products in April 2017. At this point, however, Exlube only had S$ 6.05 ( US$ 4.50 currently ) in its account and did not have the funds needed to fulfil the order.  ,
Lim approached Mr Ng to fund S$ 504, 468 towards this purchase, and the latter agreed. Mr Ng was promised the money up, along with a 5 per cent income.
Mr Ng’s organization transferred the amount on May 4, 2017. Lim also deposited$ 200, 000 into his profile at Resorts World Sentosa casino on the same day, placing the remaining$ 2,500 in his profile.  ,
He withdrew another S$ 304,000 the following morning to play at Marina Bay Sands and Resorts World Sentosa gambling. In full, Lim misappropriated S$ 404, 000 to overspend.  ,
Lim lost more than S$ 800, 000 through wagering from May 5, 2017, to May 8, 2017.  ,
When Mr. Ng inquired about the purchase, Lim then claimed that the offer of the goods had been delayed. Then, under false pretenses, he claimed the funds were being used to purchase the goods from Bavarian Motors but that the firm had intervened because he had a business partner’s domestic conflict.  ,
He frequently lied about the transfer of the money to Bavarian Motors.  ,
In the end, Mr. Ng’s business sued Lim for the payment of the income, and Lim declared debt.  ,
The legal suit was therefore discontinued, with Mr Ng filing a police statement on Sep 18, 2019, over the theft.  ,
Lim has certainly made reparation to Mr Ng’s organization.  ,
General and specific punishment, according to region judge Salina Ishak, are Lim’s main sentencing principles.
She noted that Lim had lied to a company associate numerous times and that no compensation had been made.  ,
For legal breach of trust, Lim could have been jailed for up to seven years, fined, or both.