SINGAPORE – A managing director at an automobile company convinced a man to transfer the ownership of a Porsche Panamera worth $111,000 to the firm, claiming that he could renew the luxury car’s certificate of entitlement (COE) at a “good rate”. However, Tor Kai Wai from Atlantic Automobile (AA) in Ubi Avenue 2 had no intention of returning the Porsche’s ownership. On the day of his conviction on July 23, the prosecution said: “(Tor) secretly used the Porsche to secure a large loan and had no plans on how he would raise the money to redeem the Porsche, as he had put his available funds towards other loans to redeem other vehicles.
” The victim later suffered a loss of nearly $70,000 as he had to pay Tor’s outstanding debt to save the car from being sold at auction. Separately, Tor also misappropriated more than $64,000 from the sale proceeds of a Toyota Harrier. On July 23, the 53-year-old man was sentenced to three years’ jail after he pleaded guilty to one count each of cheating and criminal breach of trust.
Before handing down the sentence, District Judge Lim Tse Haw noted that Tor has made no restitution. According to the Accounting and Corporate Regulatory Authority, Tor is a director and shareholder at AA, which is now in liquidation. For the case involving the Porsche, the court heard that Tor had earlier sold the car to the victim’s wife.
In January 2021, the victim approached him to renew its COE. Deputy Public Prosecutor Tung Shou Pin told the cou.