SINGAPORE – Ong Eng Sing, the former CEO of beverage company Pokka International, had to declare partial ownership of the beverage company when the two companies struck a deal.
But he didn’t, and on Monday (August 22), the 47-year-old Singaporean was fined $15,000 after pleading guilty to three charges under the Companies Act.
He was also disqualified from acting as a director or participating in the management of the company for two years.
Ong, whose wife, actress Vivian Lai, once appeared in Pokka advertisements, was previously asked to leave Pokka International, wholly owned by Pokka Corporation (Singapore), in September 2018. was reported to
Between 2010 and 2017, he held various positions in two Pokka entities, including directorships in both entities, and beneficially owned a 40% stake in beverage company Asian Story Corporation (ASC). I owned.
Pokka’s two entities have signed three contracts with ASC. The sales agreement in 2010, the sales framework with Pokka International in 2017, and the manufacturing agreement with Pokka Corporation in 2016.
On all three occasions, Ong has not disclosed its interest in these transactions to Pokka International or Pokka Corp.
According to previous reports, Pokka sued Ong, accusing him of working with others to divert business to ASC and inflating ASC’s value in anticipation of Kimly’s acquisition of ASC, accusing him of being a director and employee. Alleged breach of duty.
The $10 million lawsuit was settled out of court last April, but details were not disclosed.
For each violation under the Companies Act, Ong could face up to 12 months in prison or a fine of up to $5,000.
