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Film Financier Devesh Chetty Jailed in Singapore

Film financier Devesh Chetty was Friday ordered to serve 22 weeks in jail in Singapore following three charges of forgery.

The crimes occurred in relation to two investments made by the Singapore government’s Media Development Authority and in connection with an attempted takeover bid for Golden Village, Singapore’s largest cinema chain.

Chetty, an Australian national, resident in Singapore, was previously CEO of RGM Entertainment, the production arm of leading Australian talent agency RGM. The MDA agreed to invest a total of S$27.5 million in RGM Entertainment – an initial S$2.5 million for the company to locate in Singapore, a further $10 million for a film production fund, then S$5 million as seed money for an RGM fund with 20th Century Fox and a further S$10 million for another RGM fund with Sony Pictures Entertainment.

In November 2011 Chetty committed forgery by changing the dates and details of two emails to show that the S$15 million of MDA finance in connection to the Fox and Sony deals was still in RGM Entertainment’s bank account.

The following year, via his private company Sachmo International, Chetty borrowed S$2 million from businessman Garett Lim in order make a bid for the Village Roadshow-owned portion of shares in Golden Village. Chetty again committed forgery by changing the details of a bank statement he showed to Lim in order to prove that his money had not been misappropriated.

Chetty has since been declared as bankrupt by the High Court and his businesses wound up. RGM Entertainment is also in liquidation. Neither the S$15 million of MDA nor the S$2 million of Lim’s money has been recovered.

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