Former Independent Director of Singapore Listed Healthcare Group Singapore O&G Sentenced to 4 Years Jail for Conflict of Interest, Introduced Group to Pay $19.6 Million for Acquisition Target & Failed to Declare Receiving $1.1 Million of Fees into Julius Baer Private Bank

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Former Independent Director of Singapore Listed Healthcare Group Singapore O&G Sentenced to 4 Years Jail for Conflict of Interest, Introduced Group to Pay $19.6 Million for Acquisition Target & Failed to Declare Receiving $1.1 Million of Fees into Julius Baer Private Bank

26th May 2023 | Hong Kong

A former independent director (Christopher Chong Meng Tak, Age 64) of Singapore listed healthcare group Singapore O&G had been sentenced to 4 years jail for conflict of interest, introducing Singapore O&G to pay $19.6 million (S$26.5 million) for acquisition target in 2015 and failing to declare receiving $1.1 million (S$1.5 million) of fees which was paid into Julius Baer private bank.  The former independent director of Singapore O&G had concealed his interests from the Singapore O&G board, buyer (Singapore O&G) and seller.  In 2016, Christopher Chong Meng Tak issued a $1.1 million invoice under his company Paromay (his wife as signatory) to Dr Joyce Lim Teng Ee (founder of several companies including JL Laser & Surgery Centre) for introduction & consultancy, which Singapore O&G acquired in 2015.  The $1.1 million funds was transferred to his bank account in Julius Baer private bank in March 2016.   Christopher Chong Meng Tak had also provided false information on the source of funds to Julius Baer.  In 2017, Christopher Chong Meng Tak resigned from the board.  

“ Former Independent Director of Singapore Listed Healthcare Group Singapore O&G Sentenced to 4 Years Jail for Conflict of Interest, Introduced Group to Pay $19.6 Million for Acquisition Target & Failed to Declare Receiving $1.1 Million of Fees into Julius Baer Private Bank “

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