Screenshots

One of my pet stories in years, Adrian Ong, labelled the 'AU$6 billion man' by Australian media, was finally arrested by the authorities when he returned to Melbourne on Monday.

But he warned in The Age: "There could be a bigger story once all this ends."

Ong (picture left), 45, also known as Ong Chee Beng and Chee Ong, is a Malaysian citizen and permanent resident of Australia whose background is investment banking. The Australian Securities and Investments Commission (ASIC) charged Ong in September 2004 after he left Australia and following an investigation into his company, Commercial IBT.

Ong was produced in the Melbourne Magistrates Court yesterday, and was charged with obtaining a financial advantage by deception and three counts of dishonestly using his position as a company director.

Before CIBT was wound up in November 2004, Asic said that three months earlier, and three days before Asic's request for the appointment of a liquidator, the company's shareholders cancelled more than A$2 billion in shares, leaving CIBT with a share capital of A$2.

The following December, Asic accused Ong of trying to cloak the activities of the Malaysian-registered CIBT, but later renamed Kantoch, and its shareholders from proper security.

Trials start August 10

Ong denied the allegations, saying that he would defend them and adding that he had been the victim of threats. He is now released on bail, with special conditions that he report to police, surrender his passports, not attend international points of departure and not leave Australia.

Ong, who was also ordered to stay at a unit in Queens Road, Melbourne, has to appear in court again on Aug 10.

Via Bernama.

Screenshots has extensive archive on this case, but they are mostly kept in my retrieved lost data which I intend to integrate very soon.

I always have the impression that the AU$6 billion that Ong is associated with smells of laundering of political funds. Ong captured my attention when I was alerted that his investment bank, CIBT, remained listed on Labuan Offshore Financial Services Authority (LOFSA) when its parent company in Melbourne was busted and operating permit withdrawn in 2004.

Ong's company, Commercial IBT Labuan Branch (CIBT), was still listed on LOFSA's website at the time I blogged this. Ong's designation reads 'president director'.

Ong was last seen in Kuala Lumpur some four months ago. According to a Little Bird, he was then scouting for a media company for potential buy-up by his client.

Let's see how much the court shall reveal. Meanwhile, the Australian authorities at ASIC has issued an official statement related to the case.

Meanwhile, there is a contextual piece on the MGG Pillai archive.