Two Korean Nationals are being dealt with by the court after successfully convincing a commercial bank officer to reveal to them banking details of a locally founded and owned vehicle company.
Brad Choi and Elder James Lee have been charged for one count each for false promotion after Managing Director of Molvatu Trading, Norman Ligo, called the Police immediately when they notified him they have been given access to his company’s bank details.
The duo was charge according to section 129 (c) of the Penal Code Act CAP 135 which stated that “No person, being a promoter, director, manager, or officer of any company or body corporate, either existing or intended to be formed, shall make, circulate or publish, or concur in making, circulating or publishing, any prospectus, statement or account which he knows to be false in any material particular – (c) with intent to induce any person or persons, whether ascertained or not, to entrust or advance any property to the company or body corporate or to enter into any security for its benefit.”
The maximum penalty for the offense is imprisonment for 10 years.
When they first appeared for plea on October 3 last year, Brad Choi pleaded not guilty but James Lee pleaded guilty.
Lee later changed his plea to not guilty.
Mr Ligo whose company is involved in importing vehicles directly from Korea said the duo had been approaching him offering to negotiate on behalf of his company with Korean vehicle traders.
Although no agreements were made between the two and the Molvatu Trading owner, they went ahead to the company’s bank allegedly with false IDs and documents and aggressively convinced a bank officer to give them the details.
Ligo informed that one of the main aims for creating the Molvatu Trading Limited is to help locals in buying vehicles cheaper straight from Korea by avoiding middle-men.
He was shocked and panicked when the duo approached him and informed him that they had already been granted access to his company’s account.
The case is now ready for trial once the Magistrate Court sets a date.