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 court: “The accused represented that he would renew the Porsche’s COE at a good rate if the Porsche’s ownership was first transferred to AA.” Tor had also claimed that the Porsche’s ownership would be transferred back to the man’s wife after the renewal, and that she could drive it in the meantime.
The ownership of the car was later transferred to AA on Jan 26, 2021. Later that day, Tor used the car to secure a $100,000 loan to AA from loan company Dickson Capital without informing the victim and his wife. The DPP said: “When dealing with Dickson, the accused ‘proved ownership’ of the Porsche by using a forged purchase receipt for (it with the woman’s) signature from another document she had previously signed.
“Instead of redeeming the loan on the Porsche, the accused spent his available funds to redeem other vehicles which he had put up as security for other loans.” Tor later defaulted on the loan and Dickson Capital repossessed the Porsche from the woman on Sept 16, 2021. To recover the vehicle, her husband redeemed it by paying Tor’s outstanding debt and suffered a loss amounting to nearly $70,000.
Separately, the court heard that on Feb 9, 2022, Tor agreed to help his second victim, who is a woman, buy a Lexus car and sell her Toyota Harrier. The DPP said: “(She entrusted Tor) with her Toyota’s sale proceeds to apply towards the Lexus’ purchase, as he was a professional car dealer. “She reasonably expected him to pay the sale proceeds to the Lexus’ owner so that she could receive full ownership of the Lexus.
” Nine days later, Tor sold the Toyota and received more than $64,000 from a buyer. He then handed the physical possession of the Lexus to the second victim. In turn, she transferred the physical possession and ownership of the Toyota to the buyer.
However, Tor later dishonestly used the Toyota’s sale proceeds to repay a personal debt and gamble at casinos. As the owner of the Lexus had not been paid, its ownership was not transferred to the second victim. Court documents did not disclose how Tor’s offences came to light but he was charged in court in 2023.
Tor is expected to begin serving his sentence on July 29, and his bail was set at $30,000 on July 23. Join ST's WhatsApp Channel and get the latest news and must-reads. Read 3 articles and stand to win rewards Spin the wheel now.
