Wilson Tan Kheng Yeow, the former CEO of KTL Global, has been slapped with two charges of cheating the company’s own subsidiary of some $1.5 million. The alleged offences were carried out between 2014 and 2015.
Wilson deceived the subsidiary, KTL Offshore, by representing that a $1.5 million remittance to an associate company was for working capital needs.
Instead, Wilson creamed off $500,000 from that amount to fund trading of KTL Global shares, whose executive chairman and founder is his father, Tan Tock Han.
Also, Wilson allegedly deceived KTL Offshore that a sum of $1 million was to be transferred to KTL Offshore Hong Kong to buy machinery for a China-based joint venture. Instead, the money was sent to Infinity Global Consultancy, an entity solely owned by one Tang Boon Hai.
Back in Oct 2017, Tan resigned from the CEO role after the Commercial Affairs Department and the Monetary Authority of Singapore commenced probes on him.
In addition, Wilson faces a third charge of false trading of KTL Global shares. A former OCBC Securities trading representative Tan Chun Yong has been charged in conjunction too. He allegedly traded KTL Global shares using six accounts with the aim of creating a false or misleading appearance of active trading.
Chun Yong, who made the trades as instructed by Tang, faces six charges of unauthorised trading, and an additional charge of helping with false trading.
Investigations on Tang's still on going.
If convicted, the accused persons face up to seven years' jail or fine of up to $250,000, or both.
See also: KTL Global's executive chairman interviewed by CAD on possible criminal offence