Labuan: bank director sentenced in Australia
The former director of an Australian-based Malaysian bank has been convicted and fined AUD10,000 in the Melbourne County Court.
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 (CIBT) from 30 December 2000 to 5 August 2004. CIBT claimed to be an investment bank registered in Labuan, Malaysia. On Wednesday 25 June, 2008, Mr Ong pleaded guilty to one count of dishonestly using his position as an officer of a corporation. Mr Ong admitted that between August 2002 and November 2003 he obtained finance, on behalf of CIBT, from Bendigo Bank Ltd by providing false financial statements and reports. These annual reports showed that as at 30 September 2001 the nett assets of CIBT were approximately USD6 billion. The finance provided was by way of an overdraft facility. Mr Ong also provided false documentation to Bendigo Bank Ltd in support of applications for corporate credit cards and a vehicle leasing facility. In November 2004, ASIC obtained orders in the Supreme Court of Victoria winding up CIBT.
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