https://www.straitstimes.com/singapore/p...d-10m-loss
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Wang Jia Ye was indeed a proxy, but whose? Ong Eng Sin or Lim Hee Liat? The answer will decide the fate of both men.
If Wang was proxy of Ong, then it implies that Ong was abusing his Pokka position by causing Pokka to be in a disadvantageous commercial deal with ASC. The sale of ASC also would have benefited Ong. This is indeed the argument that Pokka is pursuing.
It was, however, revealed that Wang's shares in ASC were transferred to a related party of Lim. So it appears that Wang is a proxy of LHL.
If Wang was the proxy of Lim, then it implies that Ong was not interested in whatever commercial advantages that ASC accrues from Pokka. This means that Ong did not gain from any "losses" incurred by Pokka; he was merely doing facilitating a deal between Pokka and ASC, where the former went into a poor contract manufacturing and distribution deal, with eyes open. Indeed, it was revealed the Pokka's BOD were aware of, and approved the deal between itself and ASC. This was not some hush deal where Pokka's BOD was kept in the dark.
If this were the case, that Ong was not working in concert with Lim to take advantage of Pokka, and that Wang was the proxy of Lim, then Lim/Kimly may be prosecuted/punished for lying about the unrelated relationship between Kimly's BOD and ASC.
So why did Lim/Kimly not reveal the relationship between itself and ASC? An IPT acquisition might have raised an eyebrow, but it certainly wouldn't have been blocked as such, given the size of ASC vs Kimly.
When Ong joined Kimly's BOD, he must have required the consent and blessing from Pokka. Ong's angle to convince the BOD may be to increase sales of Pokka's products to Kimly, which is a good thing for Pokka. Since Ong's entry to Kimly's BOD was not blocked, it is likely that at this point, Pokka was not aware that ASC was beneficially owned by Lim/Kimly.
The point at which the truth started to unravel might have been when Ong was alleged to join Kimly, after he was suspended by Pokka, in September 2018. Thereafter, Pokka might have realised that Ong's years of promotion of Pokka's support for ASC's products, was Ong's long-term 'plan B.'
Does Ong know that ASC is beneficially owned by Lim/Kimly? It will be difficult for Ong to claim otherwise, since he has relationships with both. Ong, in his capacity as Pokka's employee, sells products to ASC, and he was for some time on Kimly's BOD.
So if it is true that Lim is the beneficial owner of ASC, and Ong is aware of this, why would Ong want to build ASC, for the benefit of Kimly, which now appeared to have been at the expense of his own career?
What is the relationship between Ong and Lim?
There are at least possible three narratives to this case:
1. Ong, as an employee of Pokka, was conducting business with ASC on normal commercial terms. Ong's relationship with his employer soured. Thereafter, Ong decided to move to Pokka's customer (and competitor) ASC/Kimly. Pokka became upset at Ong's departure to their competitor, particularly because Ong spent much of Pokka's resources to build up the competitor. Pokka decided to retaliate against Ong and ASC.
No conspiracy. A normal case of employee moving to competitor. Everything happened above board, and as a matter of coincidence.
2. Ong, as an employee of Pokka, was conducting business with ASC on terms which are beneficial to ASC, and injurious to Pokka. The purpose of doing so, was to build up ASC's business substantially, for the benefit of Lim/Kimly. To compensate Ong for his effort, Lim/Kimly offers Ong certain 'kickbacks,' perhaps such as the top job in Kimly. Pokka realised they had been the victim of a long con, and decided to retaliate against Ong and ASC.
Ong and Lim/Kimly masterminded the abuse of Pokka.
3. Ong, as an employee of Pokka, was conducting business with ASC on terms which are beneficial to ASC, and injurious to Pokka. The purpose of doing so, was to build up ASC's business substantially, as Ong is the beneficial owner of ASC. Ong decided to monetise ASC, by selling it to Kimly, as he had a prior relationship (as Non Executive Director) with Kimly's BOD. Pokka realised that Ong was the beneficial owner of ASC, and became upset at Ong for abusing his position in Pokka, for his own personal gain. Pokka decided to retaliate against Ong and ASC. Kimly is the hapless victim, unaware that ASC's profits were boosted by Pokka's marketing efforts, but managed to pull out of the deal when Pokka threw light on the matter. Kimly is thankful to Pokka for helping them avoid a bad deal.
Ong is the mastermind perpetrator. Lim/Kimly and Pokka were victims.