SINGAPORE: The former CEO of Pokka Worldwide was on Monday (Aug 22) fined S$15, 000 pertaining to failing to disclose their interest in three company transactions.
Ong Eng Sing , 47 and also known as Alain Ong, was also banned from acting as a company director or even managing a company for two years.
He or she pleaded guilty to three charges under the Companies Act, the particular Singapore Police Force stated in a news release.
From 2010 in order to 2017, Ong held various positions in Pokka International plus Pokka Corporation (Singapore), including acting since director of both beverage companies.
During the same period, he also owned 40 per cent of Asian Story Company (ASC), another beverage company.
In between 2010 and 2017, the two Pokka organizations entered into three agreements with ASC.
These included the distribution agreement and framework between Pokka International and ASC in 2010 and 2017, and a manufacturing contract between Pokka Company and ASC within 2016.
“On all three events, Ong did not disclose his interest in these types of transactions to Pokka International or Pokka Corporation, ” stated the police.
Deputy Public Prosecutor David Koh sought the sentence imposed, citing the need to deter serious lapses in business behaviour.
He or she highlighted that Ong did not disclose his interest in ASC at any time during the seven yrs over which the offences took place.
Mr Koh added that will Ong has not provided any explanation for the failure to disclose their interest, which was related for determining the proper sentence.
Defence counsels Timothy Suntan and Tara Heng said that their client accepted the prosecution’s sentencing position, and highlighted his “foresight and devotion to Pokka”.
“Despite having partial, roundabout, and beneficial curiosity about ASC, (Ong) acquired never abused their position in Pokka, ” they said.
They also said that he or she was remorseful and had readily cooperated with Commercial Affairs Division investigations.
Ong could have been jailed for up to a year or fined up to S$5, 1000 for failing to disclose his indirect curiosity about a transaction.