Boon ‘Dennis’ Teen walked free on Tuesday morning.- News.com.au
PETALING JAYA: An Australian court issued a suspended sentence to Malaysian-born property developer Teen Boon Lye after he pleaded guilty to bribing a foreign official A$3.4mil (RM9.5mil) and four counts of false accounting relating to Mara’s purchase of a multimillion-dollar apartment complex in Melbourne in 2013.
Teen, 72, who is an Australian citizen was granted a suspension of his 21-month jail term following his plea, according to News.com.au.
Melbourne judge Michael O’Connell found the unique features of the case and Teen’s personal circumstances justified a non-custodial sentence.
The court was told Teen had partnered up with acquaintances to purchase land and develop student accommodation in the Melbourne suburb of Caulfield in the late 2000s.
But the project hit financial difficulties and, after months of attempting to refinance, he began to look for someone to purchase the project.
By October 2012, the Malaysian Government investment fund Mara had agreed to purchase the development for A$17,850,000.
Teen was strung along by intermediates negotiating on behalf of Mara for months before, in February of the next year, they said there was an “internal agreement” to buy the property for A$22,600,000.
The price increase – A$4.75m – was to be paid by Teen to the intermediaries.
After the property settled in March 2013, Teen assisted the intermediaries in creating fraudulent invoices to make the payment appear to be a legitimate business expense and tax deductible.
In February 2021, a former Mara Incorporated chairman faced 22 charges in connection with the controversial purchase of Dudley International House in Melbourne by Mara.
Dudley International House is a student dormitory located in the East Caulfield suburb, housing Monash University students.
