Ex-Pokka CEO fined for failing to disclose interest in transactions

Former Pokka International CEO Alain Ong was fined SG$15,000 yesterday for failing to disclose his interest in three business transactions. Additionally, Ong is also barred from acting as a company director and managing a company for two years, as he pleaded guilty to breaching the Companies Act under three charges, Channel NewsAsia reported.

He faced three charges under Section 156 of the Companies Act November last year, where Ong, who was a director in both Pokka International and Pokka Corporation, had partial beneficial ownership of Asian Story Corporation (ASC) and failed to disclose his interest to Pokka International and Pokka Corporation on three occasions between 2010 and 2017 when ASC entered into transactions with the two Pokka entities.

According to CNA, Ong's defence counsels Timothy Tan and Tara Heng, said that Ong accepted the prosecution's sentence, however, they added that although Ong had beneficial interest in ASC, he never abused his position. "Ong was remorseful and had readily cooperated with Commercial Affairs Department investigations," they said. MARKETING-INTERACTIVE has reached out to Ong for a statement.

Additionally, Ong was also sued back in 2019 by Pokka for making losses amounting to SG$10 million. Pokka alleged that Ong is part of a conspiracy behind the IPO of coffee shop operator Kimly, which acquired ASC. POKKA’s filing also said Ong also became a non-executive and non-independent director of Kimly in February 2017, a month before it was listed on Singapore’s stock exchange. Ong was laid off by Pokka back in 2018. 

Related articles:
POKKA sues ex-CEO Alain Ong for alleged conspiracy causing SG$10m in losses
Former Pokka CEO Alain Ong and 2 Kimly directors charged for disclosure offences