Former ATL exec director jailed for breaching director duties

He was sentenced to 6 months in prison.

Roger Poh, former executive director of Catalist-listed Allied Technologies Limited (ATL) was sentenced to six months’ imprisonment.

Poh was convicted of failing to act honestly in the discharge of his director duties in relation to ATL’s acquisition of 51% of the shares in Activpass Holdings.

According to the investigation of the Accounting and Corporate Regulatory Authority (ACRA), Poh had a meeting with Activpass shareholders Peter Seow and Amy Leow who were willing to sell 100% of the shares in Activpass to ATL for $25m.

However, Poh presented a paper to ATL’s board proposing that ATL purchase 51% of the shares in Activpass for S$25m without any mention of the shareholders’ willingness to sell 100% of the shares in Activpass to ATL for $25m.

This led to ATL purchasing 51% of the shares in Activpass for $25.2m.

Poh admitted that his actions were motivated by his desire to obtain personal benefits.

Such offence carries a punishment of a fine up to $5,000 or imprisonment for a term not exceeding 12 months.