SINGAPORE - A man who misappropriated the sales proceeds of a car belonging to his former business partner was sentenced to six months' jail on Thursday (Sept 7).
Kevin Low Jun Yan, 36, who now works as a sales consultant, pleaded guilty to criminal breach of trust of the sales proceeds of an Audi A5 car amounting to $141,249 in 2013.
He has made full restitution.
Deputy Public Prosecutor Victoria Ting said that Low and Mr Teoh Teck Shin were business partners, having started a company called Elites Credit.
They were both named directors. Only Mr Teoh was listed as a shareholder as he was the only party to have invested in the company, which is now defunct.
At that time, Low was also the owner and director of Elites Premium Auto, which was dealing primarily in second-hand cars.
Some time in March 2013, Mr Teoh entrusted Low with his Audi car worth $141,249.
It was agreed that the car should be sold by Low through Elites Premium Auto and that the sales proceeds should be invested into Elites Credit as Mr Teoh's capital investment.
It was also agreed that any surplus amount of proceeds of sale would be split equally between them.
On March 15, 2013, Low sold the car for $150,000, and shared the surplus of $8,751 with Mr Teoh.
Low did not invest the principal sales proceeds in Elites Credit, but pocketed the money instead.
Mr Teoh made a police report on May 6, 2014, alleging that Low had misappropriated money from the company.
On June 30 this year, Low made restitution of $90,000, which Mr Teoh has agreed to treat as full settlement of the matter.
Low's lawyer T.M. Sinnadurai successfully applied for his client to defer his sentence until Sept 28 to settle work-related matters.
Low could have been jailed for up to seven years and/or fined for criminal breach of trust.