Hendra Lim Yew Keng, a director of Bavarian Motors, embezzled funds from a business associate to fund his gambling addiction.
A Singaporean director named Hendra Lim Yew Keng, 51, was sentenced to two years and 10 months in jail for criminal breach of trust after he gambled away most of the funds entrusted to him by a business associate. Lim, who held a 40% shareholding in Bavarian Motors, a company specializing in automotive lubricants, was also managing director of the firm.
In 2016, Bavarian Motors was acquired by Xerone Solutions, and Lim became a 25% shareholder in the new company while retaining his position as managing director of Bavarian Motors. However, fearing a dilution of his shareholding in Xerone Solutions, Lim established another company, Exlube, in 2016. Exlube aimed to act as a middleman between new customers and Bavarian Motors, enabling Lim to profit from the transaction.Despite this arrangement, Lim began to gamble heavily in late 2016 and early 2017, incurring significant losses. To fund his gambling habit, Lim diverted existing customers of Bavarian Motors to purchase products from Exlube instead. In April 2017, Lim received a large order from a Chinese customer for petroleum products. Exlube lacked sufficient funds to fulfill the order, so Lim approached his business associate, Mr. Ng Zu Sheng, for financial assistance. Mr. Ng agreed to finance S$504,468 towards the order, expecting a 5% profit upon repayment. On May 4, 2017, Mr. Ng's company transferred the funds. On the same day, Lim withdrew S$200,000 and deposited it into his personal account at Resorts World Sentosa casino to gamble. The next day, he withdrew another S$304,000 to gamble at both Resorts World Sentosa and Marina Bay Sands casinos. In total, Lim misappropriated S$404,000 for gambling.When Mr. Ng inquired about the order, Lim fabricated excuses about delays in product supply and lied about the funds being used to purchase products from Bavarian Motors, claiming internal conflicts with his business partners prevented their release. Mr. Ng's company eventually filed a civil suit against Lim for repayment of the money, but Lim declared bankruptcy. The civil suit was discontinued, and Mr. Ng filed a police report in September 2019 regarding the misappropriation. District Judge Salina Ishak stated that deterrence, both general and specific, was paramount in sentencing Lim.For criminal breach of trust, Lim faced a maximum sentence of seven years imprisonment, a fine, or both.
CRIMINAL BREACH OF TRUST GAMBLING EMBEZZLEMENT SINGAPORE BUSINESS ASSOCIATE
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