A couple were found not guilty of cheating a 50-year-old Indonesian man out of assets worth more than S$3 million (US$2.2 million) through fraudulent transfers at Singapore’s Court of Appeal.
Cristian Priwisata Yacob had won claims against Indonesian Wibowo Boediono, 32, and his 45-year-old Singaporean wife Isabelle Koh Teng Teng at the High Court for the recovery of a total of S$3.27 million, Lianhe Wanbao (Singapore) reported. Included in the claim was a S$1.8 million (US$1.3 million) Lorong Chuan condominium.
The initial claim involved properties at Oasis Garden and Parc Mondrian with an estimated combined value of S$1.23 million (US$901,000). A second claim related to a car that was purportedly bought and paid for by Yacob but registered in Koh’s name.
The Court of Appeal overthrew the previous court ruling of fraudulent transfer, ruling that the couple had the right to receive S$1.8 million from the sale of Yacob’s Lorong Chuan condominium due to the fact that Yacob was indebted to the couple.
However, Boediono and Koh will have to return the amount of S$1.23 million relating to the two properties, as this investment claim was ruled valid.