P. M. Briefing : billionaire faces funds charge
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SINGAPORE — Reclusive billionaire Kwek Hong Png, rated one of the world’s richest men by Forbes magazine, appeared today in a Singapore court charged with criminal breach of trust involving
misappropriation of funds. Kwek, 78, stood in the dock looking weak and tired as a judge set trial for Aug. 20. Kwek, who emigrated from China in 1928 to set up a multibillion-dollar
conglomerate here, offered no plea on charges of abetting his nephew, Quek Leng Chye, in the misappropriation of $42,146 from a real estate company, Tripartite Developers. Quek, 45, a
Tripartite director, is also charged with Kwek, the founder of flourishing Hong Leong Group of companies, with criminal breach of trust involving Tripartite’s funds. MORE TO READ