Man claims trial to criminal breach of trust totalling more than $320k
A Singaporean man, who made headlines in January last year when he was allegedly kidnapped in Thailand while out on bail, is claiming trial in a Singapore district court to offences that include three counts of criminal breach of trust involving more than $320,000.
On the first day of Mark Cheng Jin Quan's trial yesterday, the court heard that he allegedly committed the offences in 2014.
His alleged accomplice, Loh Zhi Xiang, 31, was sentenced to 18 months' jail in August this year.
Deputy Public Prosecutor Cheng Yuxi told the court yesterday that Cheng, 33, was the operations director of a firm called Zabel Global Investments, which was incorporated in the British Virgin Islands in August 2013.
Loh and a third man, Peh Wei Siang, 33, were the firm's directors. The case involving Peh is pending.
From April to June 2014, investors put capital into funds managed by the company. The investors' monies were then pooled and used to trade in shares.
In one instance, about 16 investors placed some $7.6 million in a fund called Zabel Assured Sovereign 12, while another fund called Zabel Assured Special collected more than $730,000 for six investors.
In February 2014, Cheng opened a UOB Kay Hian trading account solely for Zabel's use as a temporary measure until bank accounts were opened in Zabel's name.
The following month, he opened a personal UOB current account to receive funds from the UOB Kay Hian trading account.
The DPP told the court: "The funds that Zabel collected from its investors... were deposited into the accused's (UOB Kay Hian) trading account. When these monies were to be paid out, they were withdrawn... deposited into the accused's UOB (current) account, and thereafter withdrawn from the latter."
In May and June 2014, more than $320,000 was later paid out of the monies in Cheng's UOB current account for items such as commissions to Peh and Loh.
UOB Kay Hian lodged a police report against Zabel, Peh, Loh and Cheng on July 1 that year. The Commercial Affairs Department started its investigations two days later.
Loh returned $133,500 to the pool of investors' funds in Cheng's UOB current account on July 7, 2014. Cheng returned more than $37,000 to the pool of investors' funds nine days later.
Cheng's trial will resume today. - THE STRAITS TIMES
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