https://www.straitstimes.com/singap...ny-assets-while-he-was-coo-of-sgx-listed-firm
A man who was the chief operating officer (COO) of MDR, a firm listed on the main board of the Singapore Exchange, misappropriated over $2.5 million in company assets, including mobile devices.
Court documents stated that these assets were meant for MDR’s promotional activities.
However, Richard Siua Cheng Foo, 54, sold them through a third-party dealer, offering the latter a cut of every sale. Siua also used a portion of his ill-gotten gains to fund his gambling habit.
On Jan 6, he was sentenced to five years and six months’ jail after he pleaded guilty to one count of criminal breach of trust involving 625 mobile devices worth nearly $980,000 in total.
Four other charges relating to the remaining amount were considered during his sentencing. He has not made any restitution to MDR.
At the time of the offences, Siua was also the chief executive and director of several of MDR’s subsidiaries – 3 Mobile Telecom, Handphoneshop and A-Mobile.
These subsidiaries were collectively referred to as “the group” in court documents, and a search with the Accounting and Corporate Regulatory Authority revealed that he no longer holds these positions with them.
From Zym website about us:
ZYM mobile (MVNO), by m-DR Ltd.
In 2021, mDR extended its partnership to launch its first MVNO, ZYM Mobile.
"The department then discovered a sharp spike in the group’s marketing expenditure for 2021 compared with previous years."