Friday 22 June 2007 – LAWFUEL – Australia Law & Legal Newswire – The…

Friday 22 June 2007 – LAWFUEL – Australia Law & Legal Newswire – The former director of an Australian-based Malaysian bank has been committed to stand trial on charges following an investigation by ASIC.

Mr Adrian Ong, a Malaysian national who also holds Australian permanent residency, was a director of Kantoch Pty Ltd, formerly known as Commercial IBT Pty Ltd, from 30 December 2000 to 5 August 2004.

Mr Ong was committed to stand trial on a total of four charges, including three charges of dishonestly using his position as an officer of a corporation and one charge of obtaining financial advantage by deception.

ASIC alleges that in September 2002, in relation to two of the charges, Mr Ong obtained finance from the Bendigo Bank Ltd by providing financial statements and reports which were false. 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 and corporate credit cards.

The additional two charges relate to allegations that in November 2003, Mr Ong submitted an annual report for Commercial IBT showing approximately $6.5 billion in assets as at 30 September 2002, in support of an application seeking a vehicle leasing facility and an increased overdraft limit.

Mr Ong entered a plea of not guilty to the charges.

He was released on bail and is required to appear in the Melbourne County Court on 29 August 2007.

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