Andy Ong Siew Kwee, former director of Sakae Holdings, was sentenced to 10.5 years in jail on August 7, 2026, for misappropriating S$15.8 million from a joint venture entity, Griffin Real Estate Investment Holdings (GREIH), linked to the Bugis Cube commercial property in Singapore [1, 2, 3]. Ong had been convicted in May 2026 in the High Court of one count each of criminal breach of trust, abetting forgery, and intentionally giving false evidence [1, 2, 3].
The court heard that Ong was a majority shareholder and founder of ERC Holdings and served as director and minority shareholder of Gryphon Real Estate Investment Corporation (GREIC) [1, 2]. The misappropriation took place in September 2012 when Ong claimed the funds were compensation owed to ERC Institute, diverting S$15.8 million from GREIH [3]. Earlier that year, on June 20, 2012, Ong instructed his associate Ong Han Boon to prepare backdated lease documents between GREIH and ERC Institute, which were later deemed falsified and led to fraud charges [1, 2]. Ong Han Boon had faced court consequences prior to the main trial [1, 2, 3].
Two other men, Chua Wei Tat and Ho Yew Kong, were convicted for giving false evidence related to the same case. Both were sentenced to one year in jail on August 7, 2026, alongside Ong's 10.5-year sentence [1, 2, 3].
The case dates back to 2009 when Ong approached businessman Douglas Foo to co-invest in acquiring majority units of the North Bridge Commercial Complex, commonly known as Bugis Cube [1, 2, 3]. The misappropriation unraveled through investigations into the joint venture finances.
Ong remains out on S$1 million bail while awaiting appeal of the jail sentence [3]. The court proceedings and sentencing mark the latest development in a decade-long legal battle over the misappropriated funds involving multiple parties connected to the Bugis Cube property joint venture.
