SINGAPORE, May 8 — Former Sakae Holdings director Ong Siew Kwee, also known as Andy, was found guilty of misappropriating S$15.8 million (RM48.8 million) from a joint venture linked to the Bugis Cube development and giving false evidence in court.

Ong, 55, was convicted on one count each of abetting forgery, criminal breach of trust and lying under oath, according to CNA.

Prosecutors said Ong and his associates created a false paper trail to support a fabricated claim that Griffin Real Estate Investment Holdings (GREIH) owed compensation to ERC Institute.

The prosecution said, “They created a paper trail comprising false and backdated documents to make it look like GREIH prematurely terminated a lease it had granted to ERC Institute.”

In its closing submissions, the prosecution added that Ong, Ho Yew Kong, Chua Wei Tat and another associate, Ong Han Boon, had tried to “manufacture legal reality to illegally extract money from GREIH.”

Two associates, former GREIH director Ho Yew Kong and former Gryphon Capital Management asset manager Chua Wei Tat, were also convicted of giving false evidence in High Court proceedings related to the dispute.

The court heard Ong caused GREIH to transfer S$14.3 million to ERC International and S$1.5 million to ERC Unicampus in September 2012, payments that were found unjustifiable and caused wrongful loss to GREIH.

Judge Jill Tan said the charges against Ong, Ho and Chua had been proven beyond a reasonable doubt, and accepted testimony from Ong Han Boon, who earlier pleaded guilty and was jailed.

All three men were also found to have filed false affidavits in a related civil suit, claiming the lease had been signed in March 2012.

At the centre of the case was a lease agreement purportedly dated March 1, 2012 between GREIH and ERC Institute, which appeared to grant tenancy over several floors of Bugis Cube.

The prosecution charged that Ong instigated Ong Han Boon to draft the lease around June 20, 2012 and then backdate it.

Records showed the lease went through multiple drafts, with key versions only created months later.

Ong Han Boon, who has since pleaded guilty and was jailed, testified that the false lease was used to support claims GREIH owed compensation after supposedly terminating the agreement.

Judge Tan found the document false and accepted Ong Han Boon’s evidence, which was consistent with records and broadly logical.

The case stems from Ong’s business relationship with then‑Sakae Holdings managing director Douglas Foo, with both men agreeing in 2009 to acquire Bugis Cube through GREIH as the joint venture vehicle.

Ong later set up Gryphon Real Estate Investment Corporate, which became GREIH’s majority shareholder, and Gryphon Capital Management, which managed Bugis Cube units.

The case has been adjourned for mitigation and sentencing on July 30, with further charges pending.

Ong faces up to 15 years’ jail and a fine for abetting forgery, and up to seven years’ jail and a fine for criminal breach of trust and giving false evidence.