Media and information releases
06-225 Director of Australian-based Malaysian bank charged with fraud
Wednesday 5 July 2006
The former director of an Australian-based Malaysian bank was today charged with dishonesty offences following an investigation by ASIC.
Mr Adrian Ong, a Malaysian national who also holds Australian permanent residency, appeared in the Melbourne Magistrates Court today after being arrested at Melbourne Airport last night. Mr Ong was a director of Kantoch Pty Ltd, formerly known as Commercial IBT Pty Ltd, from 30 December 2000 to 5 August 2004. Mr Ong has been charged with dishonestly obtaining a financial advantage by deception and using his position as a director dishonestly with the intention of gaining an advantage.
Mr Ong was charged in relation to his conduct as a director in obtaining finance from the Bendigo Bank Ltd by providing financial statements and reports which were false. This conduct occurred from August 2002 to November 2003. These annual reports showed that as at 30 September 2001 the net assets of Commercial IBT were approximately US$6 billion. The finance sought was by way of an overdraft facility, corporate credit cards and a vehicle leasing facility.
In November 2004, ASIC obtained orders in the Supreme Court of Victoria winding up Commercial IBT. Mr Robert Michael Scales, of Ernst & Young, was appointed the official liquidator of Commercial IBT.
Mr Ong was released on bail on condition that he surrender his passports, that he not leave Australia and that he report to authorities three times a week. Mr Ong is required to reappear before the Melbourne Magistrates Court on 10 August 2006.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
Editor's note: On Friday 6 October 2006, Mr Ong made an application to the Melbourne Magistrates Court to vary his bail conditions so that he would be allowed to travel overseas. This application was refused. In response to a further application by Mr Ong, the Melbourne Magistrates Court varied Mr Ong's bail conditions, on 8 December 2006, allowing him to travel overseas. The Court ordered Mr Ong be bailed on his own undertaking with a surety in the amount of $75,000, and that he report to the Victorian Police on a weekly basis while in Australia.
Mr Ong is due to appear in the Melbourne Magistrates Court on 19 June 2007 for a committal hearing.
|
|