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Allied Technologies former exec director Roger Poh sentenced to 6-months jail term
Singapore's Accounting and Corporate Regulatory Authority (ACRA) said that he had failed to act honestly in the discharge of his director duties.
SINGAPORE – A former executive director of Catalist-listed Allied Technologies Limited (ATL), Poh Wee Chiow Roger – also known as Roger Poh – has been sentenced to six-months' jail by the State Courts for failing to act honestly in the discharge of his director duties in relation to ATL's acquisition of 51% of the shares in Activpass Holdings Pte. Ltd. (Activpass).
According to a statement by the Accounting and Corporate Regulatory Authority (ACRA) on Monday (8 January), Poh had admitted during investigations that prior to ATL's acquisition, he had met with the existing shareholders of Activpass, Seow See Keong (Peter Seow) and his wife, Amy Leow Ai Li (Amy Leow), as well as Zheng Jiabin (Zheng), a director of Kingsblade Pte. Ltd. (Kingsblade). The group intended to discuss ATL's acquisition of Activpass.
During the meeting, Poh became aware that Peter Seow and Amy Leow were prepared to sell 100 per cent of the shares in Activpass to ATL for S$25 million. However, Poh presented a paper to ATL's board proposing that ATL purchase 51 per cent of the shares in Activpass for S$25 million.
"The board paper omitted any mention that Peter Seow and Amy Leow were willing to sell 100 per cent of the shares in Activpass at S$25 million," ACRA said.
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Later, ATL purchased 51 per cent of the shares in Activpass for S$25.2 million. Poh was ready to let ATL overpay substantially for its acquisition of 51 per cent of the shares in Activpass, and "he knew that at least S$10 million of the S$25.2 million purchase price would be paid to Kingsblade through a series of round tripping arrangements".
"Roger Poh admitted that his actions were motivated by his desire to obtain personal future benefits from Zheng in the form of future appointments as directors of other listed companies, and the accompanying director fees from these appointments," ACRA added.
The offence of failing to act honestly in the discharge of duties as a director under section 157(1) punishable under section 157(3)(b) of the Companies Act, Cap. 50 carries a punishment of a fine of up to S$5,000 or imprisonment for a term not exceeding 12 months.
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