On 22 August 2022, Ong Eng Sing (also known as Alain Ong, “Ong”), the former Chief Executive Officer of Pokka International Pte Ltd (“Pokka International”) was convicted on three charges under Section 156 of the Companies Act (“CA”).
The charges relate to Ong’s failure to disclose his interest in transactions entered into by Pokka International and Pokka Corporation (Singapore) Pte Ltd (“Pokka Corporation”) with Asian Story Corporation Pte Ltd (“ASC”) – namely, his partial beneficial ownership of ASC.
Pokka International is wholly owned by Pokka Corporation. Between 2010 and 2017, Ong held various positions in the two Pokka entities, including being the Chief Executive Officer of Pokka International and director of both Pokka entities. During the same period, Ong beneficially owned 40% of ASC shares.
Investigations revealed that between 2010 and 2017, the two Pokka entities entered into three agreements with ASC – a distribution agreement in 2010 with Pokka International, a manufacturing agreement in 2016 with Pokka Corporation and a distribution framework in 2017 with Pokka International. On all three occasions, Ong did not disclose his interest in these transactions to Pokka International or Pokka Corporation, respectively.
Ong pleaded guilty to three charges of Section 156 of the CA. For his offences, he was sentenced to a fine of S$15,000. Ong has also been disqualified from acting as a director, or taking part in the management of a company for a two-year period pursuant to Section 154 of the CA. Ong’s conviction and sentencing concludes the last of the three prosecutions highlighted in our news release of 12 November 2021.
SINGAPORE POLICE FORCE
22 August 2022 @ 3:45 PM