The former chairman of an electronic components distribution firm pleaded guilty today of cheating DBS and Maybank of more than $29 million.
The Straits Times reported that at today's hearing, Deputy Public Prosecutor Kevin Yong said the 58-year-old Saw Chee Keang conspired with five accomplices to fooling the two banks into releasing funds to subsidiary Startech Manufacturing.
A district court heard that they used invoices from two dormant sole proprietorship belonging to accomplices to support applications for credit supposedly to buy electronic components from Startech Manufacturing.
Saw, who jumped bail and fled to China in 2003, returned voluntarily in September 2011 and was arrested at Changi Airport. He will be sentenced in April to give him time to prepare arguments for a lenient sentence.