A former senior executive of SGX Mainboard-listed MDR Limited has been sentenced to five-and-a-half years' jail after being convicted of criminal breach of trust involving millions of dollars' worth of company assets.
On January 6, Richard Siua Cheng Foo, the former group chief operating officer of MDR and former chief executive officer of several of its subsidiaries, was sentenced to 66 months' imprisonment. MDR and its subsidiaries operate in the distribution and sale of mobile devices and accessories.
Court proceedings revealed that Siua, in his role as CEO of MDR's subsidiaries, was entrusted with the authority to withdraw mobile devices and accessories for legitimate business purposes.
However, between November 2020 and December 2021, he abused this position of trust by misappropriating 4,057 units of such items from two subsidiaries. The assets were estimated to be worth about S$2.55 million.
Investigations found that Siua sold the misappropriated devices for personal financial gain, with the proceeds used to fund his gambling addiction.
He pleaded guilty to one charge of criminal breach of trust as a key executive of a corporation under Section 409(1)(g) of the Penal Code. Four other similar charges were taken into consideration during sentencing.
In connection with the case, Tan Yeow Kian, the sole director and shareholder of Next Telecom Pte Ltd, has been charged with money laundering offences for allegedly possessing benefits derived from Siua's criminal conduct. Court proceedings against Tan are ongoing.
In a separate but related case, Ng Eng Ming Peter, a former sales director at one of MDR's subsidiaries, was earlier convicted on August 29, 2025. Ng was sentenced to 23 months' imprisonment for criminal breach of trust as an employee.
Ng, who had the authority to instruct staff to withdraw company assets for business purposes, misappropriated 155 units of mobile devices and accessories valued at around S$200,000. The offences took place between January 2019 and December 2021, with the items sold for personal profit. He pleaded guilty to one charge under Section 408 of the Penal Code, with two other similar charges considered in sentencing.
In a statement, the police said they take a firm stance against criminal breach of trust, particularly when such offences are committed by individuals holding positions of authority. These actions, they added, undermine corporate governance and erode public confidence in business integrity, and offenders will be dealt with decisively under the law.
