SINGAPORE (The Straits Times/ANN): The former chief financial officer of a crude oil products supplier who worked with three others to dupe eight banks into disbursing about US$320 million (S$424 million) in loans was sentenced on Monday (May 3) to nine years' jail.
The former chief financial officer (CFO) of a crude oil products supplier admitted in a district court yesterday that he worked with three alleged accomplices to dupe eight banks into disbursing about US$320 million (S$424 million) in loans.
Prosecutors said this complex, elaborate and nefarious financial fraud by Ong Ah Huat and his alleged accomplices caused China Merchant Bank (CMB) Singapore to suffer losses totalling about US$10 million.
The seven other banks are in Hong Kong - including Standard Chartered Bank (Hong Kong) and OCBC Ltd (Hong Kong) - and court documents did not disclose the amount of losses they incurred.