Ex-chairman of Sesdaq-listed Startech pleads guilty to cheating banks

A former chairman of a Sesdaq-listed company pleaded guilty on Thursday to cheating Maybank and DBS Bank into releasing more than $29 million in credit facilities.

Saw Chee Keang, 58, will be sentenced in April to allow him time to prepare arguments for a lenient sentence.

A district court heard that he had jumped bail and fled to China in 2003. He returned voluntarily in September 2011 and was arrested at Changi Airport.

At the hearing on Thursday, Deputy Public Prosecutor Kevin Yong said that Saw and five accomplices conspired to dupe the two banks into releasing funds to subsidiary Startech Manufacturing.


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