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NewsAsia , 2 Apr 04
Ex-APB executive Chia Teck Leng gets 42 years'
jail in biggest fraud case
By Hwee Goh
Chia Teck Leng has been sentenced to 42 years behind bars in Singapore's
largest fraud case ever. The former finance manager at Asia Pacific
Breweries pleaded guilty on Friday to cheating four banks out of S$117
million to fund his high-stakes gambling habit.
The 44-year-old executive cried in court as his lawyer appealed to
the judge to be lenient. Was Chia Teck Leng the loving father, who
suffered from a gambling disease? Or was he a criminal genius, living
the high-life of casinos and million dollar stakes, who abused his
position of trust?
Before passing sentence, Justice Tay Yong Kwang was introduced to
both sides of the man. A 2-page handwritten letter from Chia's teenage
sons, Brian and Sean, begged the judge to show their father leniency.
The boys related instances when Chia showed his love for them, and
wrote: "We understand that he has committed a wrongdoing and must
be punished, but he has been a very caring and loving father." "He
bids us to listen to our mother in order to grow up with integrity,
which he sadly lacked." Chia broke down and cried as the letter was
read out. Justice Tay, who was touched by the tender words, said:
"You should continue loving your father as his guilt is confined to
the charges, and none of them accuses him of being a bad dad."
But the prosecutors saw a very different man. Before sentencing, the
prosecutors painted a picture of high stakes gambling, private jets,
and a gambling hand of A$400,000. But in court, Chia looked a different
man. The defence said he was a desperate man driven to desperate deeds,
a man infected with the gambling disease.
The only problem is that Chia's crimes have hurt Singapore's standing
and reputation as a financial hub. Between 1999 and 2003, Chia duped
four banks out of S$117 million. So far, only 30 per cent of the money
or S$35 million has been recovered. The rest has been gambled away.
Justice Tay said Chia's crimes struck "at the heart of banking and
commerce. They (eroded) the open halls of trust and (erected) high
walls of suspicion. Said defence lawyer Edmond Pereira: "He is disappointed,
he is sad ... His words were, he is disappointed, he has let his family
down, his two young sons and also he has let his company down but
now he has paid the price for it."
Chia has 10 days to appeal the sentence. A "disposal inquiry" is also
likely to follow to settle who gets the S$35 million that has been
recovered. |
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