Wednesday 5 July 2006 06 – LAWFUEL – Press Release Service – The for…

Wednesday 5 July 2006 06 – LAWFUEL – Press Release Service – The former director of an Australian-based Malaysian bank was today charged with dishonesty offences following an investigation by the Australian Securities and Investments Commission (ASIC). Mr Adrian Ong, a Malaysian national who also holds an Australian passport, 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 and 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. For further information contact: Mark Steward Deputy Executive Director, Enforcement Telephone: 03 9280 3467 Mobile: 0412 860 940 Danielle Huck ASIC Media Unit Telephone: 03 9280 3407 Mobile: 0417 540 769 Page 1 of 1

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