Oxley denies report that chairman Ching is involved in Venice mayor investigation

The Edge Singapore
4-min read

Oxley holdings says news reports that Ching is involved in the Venice mayor's investigation are unfounded

Oxley Holdings has clarified that Executive Chairman and CEO Ching Chiat Kwong allegations against Ching in three news reports in July are unfounded and untrue. The reports allege that the Venice mayor is under investigation and Ching is involved in the matter. "[Mr Ching] has engaged lawyers to advise him in the matter. No charges have been brought against Mr Ching by the Venice Public Prosecutor’s Office," the Oxley Holdings 5ux announcement says.

Ching's name has been added in the register of persons against whom investigations are in progress. The entry is a result of allegations made to the Venetian judicial authorities by Claudio Vanin, a person convicted by a definitive judgement for bankruptcy and subject to trial for extortion. Vanin was the de facto director of Sama Global Italia S.r.l. (Sama), a company which Ching had appointed as general contractor for the development of certain projects in Tuscany and Venice, being Ching’s personal investments.

According to the Oxley announcement, it was discovered that Sama had sent payment requests for work done in which the signature of the director of works had been forged (both architects involved had reported the falsification of their signatures to the judicial authorities). As a result, all relations with Sama, as well as with Vanin, were interrupted. This has led to several civil litigations in which  Ching’s companies were victorious.

Following the outcome of the unfavourable judgements, Vanin started to send to the Public Prosecutor's Office complaints and allegations, among which were the accusations made by Vanin that Ching allegedly reached an agreement with the Mayor of Venice to obtain, in exchange for an increased purchase price of the waterfront area known as the Pili Land, a change in the building indexes and a favourable price for the purchase of two buildings at that time owned by the Municipality of Venice (Palazzo Donà and Palazzo Papadopoli). For these allegations, Vanin is currently being investigated for slander and extortion by the Venice Public Prosecutor's Office.

The contacts between Ching and the Mayor of Venice for the Pili Land, took place between 2016 and 2017. The contacts that took place never resulted in either a negotiation or in any design phase.

The acquisition of Palazzo Papadopoli, by Ching was through public and competitive procedures. Previous attempts by the Municipality of Venice to sell it at a higher auction base had failed (proving that the sale price that had been set was excessive).

The Oxley announcement says Ching had never met or known Councillor Renato Boraso, alderman at the Municipality of Venice. Vanin however, had personal and professional relations with Councillor Renato Boraso. Vanin admitted to the Police having received on his personal e-mail address the request for payment of Euro73,000, for consultancy activities, from Renato Boraso, and he also admitted to having forwarded this request to the e-mail address of his son, Federico Vanin, who was the only shareholder and sole director of the company that made the wire to Councillor Renato Boraso. There is no document proving that the payment in question is related to the sale of Palazzo Papadopoli, nor is there any evidence that Ching or his managers in Italy are aware and ever played a role in such payment, Oxley says.

Investigative and defensive activities are being carried out by the lawyers appointed by Ching, aimed at proving and documenting the slanderous nature of Vanin's statements and demonstrating the full integrity of Ching's actions in the real estate acquisitions in the city of Venice.

Oxley's Nominating Committee and the Board are of the view that the Investigation does not at this juncture suggest any adverse finding on the character and integrity of Ching nor does it compromise his capabilities as the Executive Chairman and Chief Executive Officer of the Company.  Ching, for his part, will keep the Board updated on the progress of the Investigation and the Company will make further announcements on subsequent developments as and when appropriate. The Board will continue to monitor the progress of the Investigation, Oxley says.

 

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