SINGAPORE — The former chief executive officer of Pokka International, Alain Ong Eng Sing, was on Monday fined S$15,000 after he pleaded guilty to three charges of not disclosing his interest in deals made by the beverage company with a firm that he had partially owned.
The two Pokka companies entered into three agreements with Asian Story Corporation, but Ong did not disclose his partial ownership of the latter.— was also disqualified from acting as a director or taking part in the management of a company for a two-year period.
Aug 1, 2016, Asian Story Corporation appointed Pokka Corporation to manufacture the former’s products For example, Pokka had in 2009 wanted to pursue a “total beverage company” strategy to reinforce its dominance in certain beverage categories here while penetrating the market for new drinks categories.
“While it is unfortunate that Alain had failed to declare his interest in Asian Story Corporation, it is undeniable that Pokka entering into the distribution agreement had reaped massive, intangible benefits for Pokka,” the defence lawyers argued, highlighting how the company achieved its total beverage company strategy.In mitigation, the defence lawyers pleaded that Ong’s “only motivation” was that he wanted the best for Pokka.
Why not make the fine $150 i/o $15k
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