A Singaporean district court has convicted former Sakae Holdings director Ong Siew Kwee, also known as Andy, of orchestrating a fraudulent scheme that siphoned S$15.8 million (approximately US$12.5 million) from a real estate joint venture linked to the Bugis Cube commercial development in Singapore. The court found that Ong and associates fabricated and backdated documents to create a false impression that a lease had been prematurely terminated, allowing him to claim the funds as bogus "compensation" owed to a training firm in which he held a stake. Two co-accused were also convicted of giving false evidence in related High Court proceedings, with sentencing for all three scheduled for July 30; Ong alone faces up to 15 years in prison on the most serious charge of abetting forgery of a valuable security.