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Jail for ex-CFO of Singapore crude oil products supplier who helped defraud 8 banks of US$320mil

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. ....

Hong Kong , Thiagesh Sukumaran , Huang Peishi , Carol Zong , Dhiraj Chainani , Standard Chartered Bank Hong Kong , Coastal Oil , Affairs Department , Straits Times Asia News Network , China Merchant Bank , Standard Chartered Bank , Tan Sing Hwa , Commercial Affairs Department , Public Prosecutors Thiagesh Sukumaran , Sinfeng Marine , State Courts , Asia News , Ong Ah Huat , Crude Oil Supplier , ஹாங் காங் , கரோல் ஜொங் , தரநிலை பட்டய வங்கி ஹாங் காங் , கடலோர எண்ணெய் , வாழ்க்கைத்தொழில்கள் துறை , நீரிணை முறை ஆசியா செய்தி வலைப்பின்னல் , சீனா வணிகர் வங்கி ,

Ex-CFO helped defraud 8 banks of $424m

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. ....

Hong Kong , Thiagesh Sukumaran , Huang Peishi , Carol Zong , Dhiraj Chainani , Standard Chartered Bank Hong Kong , Coastal Oil , Affairs Department , China Merchant Bank , Ltd Hong Kong , Ong Ah Huat , Standard Chartered Bank , Commercial Affairs Department , Sinfeng Marine , Singapore Courts , ஹாங் காங் , கரோல் ஜொங் , தரநிலை பட்டய வங்கி ஹாங் காங் , கடலோர எண்ணெய் , வாழ்க்கைத்தொழில்கள் துறை , சீனா வணிகர் வங்கி , லிமிடெட் ஹாங் காங் , தரநிலை பட்டய வங்கி , வணிகரீதியானது வாழ்க்கைத்தொழில்கள் துறை , சிங்கப்பூர் நீதிமன்றங்கள் ,