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Accountant allegedly misused $16.5m of firms' funds
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SourceStraits TimesDate05 Sep 2012AuthorLeonard Lim
AN ACCOUNTANT hired by five companies linked to global computer giant Hewlett-Packard is alleged to have misappropriated $16.5 million of their funds.
The firms - which had engaged Mr Ewe Pang Kooi to take them through a liquidation process - successfully applied to the High Court for an injunction last month to freeze his assets up to that figure.
An employee of HP here also lodged a report with the Commercial Affairs Department in late July and investigations are believed to be ongoing.
A police spokesman said yesterday it was inappropriate to comment. It is understood that no criminal charges have been filed against the 59-year-old Mr Ewe.
The Malaysian, a permanent resident here, declined comment yesterday but confirmed that he was out on bail.
The $16.5 million figure, if eventually proven, will be higher than the David Rasif and Singapore Land Authority (SLA) cheating cases. The cases involving the rogue lawyer and two SLA executives involved about $11 million and $12 million respectively.
The five HP-linked firms - 3Com South Asia, 3Par Singapore, Compaq Asia, Mercury Interactive (Singapore) and Compaq Computer Asia - had all engaged Mr Ewe, well-known for providing insolvency services in industry circles, as their sole liquidator on separate occasions between June 2009 and November 2011.
The companies were dormant at the respective times.
Liquidation typically involves accountants calculating the firm's assets, and then using these to pay creditors or shareholders.
Mr Ewe, according to court documents in respect of the injunction, took control of the firms' affairs once they were placed in voluntary liquidation.
The documents further alleged that Mr Ewe had sent HP falsified bank statements to deceive the firm over a prolonged period.
The five firms, represented by Senior Counsel Hri Kumar Nair, are scheduled to file a statement of claim soon. Mr Ewe then has 14 days to file his defence.
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Source: Straits Times © Singapore Press Holdings Ltd. Permission required for reproduction.
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Accountant allegedly misused $16.5m of firms' funds
Share on facebookShare on twitterShare on emailShare on print
SourceStraits TimesDate05 Sep 2012AuthorLeonard Lim
AN ACCOUNTANT hired by five companies linked to global computer giant Hewlett-Packard is alleged to have misappropriated $16.5 million of their funds.
The firms - which had engaged Mr Ewe Pang Kooi to take them through a liquidation process - successfully applied to the High Court for an injunction last month to freeze his assets up to that figure.
An employee of HP here also lodged a report with the Commercial Affairs Department in late July and investigations are believed to be ongoing.
A police spokesman said yesterday it was inappropriate to comment. It is understood that no criminal charges have been filed against the 59-year-old Mr Ewe.
The Malaysian, a permanent resident here, declined comment yesterday but confirmed that he was out on bail.
The $16.5 million figure, if eventually proven, will be higher than the David Rasif and Singapore Land Authority (SLA) cheating cases. The cases involving the rogue lawyer and two SLA executives involved about $11 million and $12 million respectively.
The five HP-linked firms - 3Com South Asia, 3Par Singapore, Compaq Asia, Mercury Interactive (Singapore) and Compaq Computer Asia - had all engaged Mr Ewe, well-known for providing insolvency services in industry circles, as their sole liquidator on separate occasions between June 2009 and November 2011.
The companies were dormant at the respective times.
Liquidation typically involves accountants calculating the firm's assets, and then using these to pay creditors or shareholders.
Mr Ewe, according to court documents in respect of the injunction, took control of the firms' affairs once they were placed in voluntary liquidation.
The documents further alleged that Mr Ewe had sent HP falsified bank statements to deceive the firm over a prolonged period.
The five firms, represented by Senior Counsel Hri Kumar Nair, are scheduled to file a statement of claim soon. Mr Ewe then has 14 days to file his defence.
[email protected]
Source: Straits Times © Singapore Press Holdings Ltd. Permission required for reproduction.
...Subscribe Free
RSS iPhone Android ....HomeHeadlinesCommentaryJudgmentsLegislationNotices & DirectionsContinuing Legal Education..AdvertiseFeedbackSitemapFAQ...Terms, Conditions and Disclaimers
