Sakae files new suits against former director

SAKAE Holdings chief executive Douglas Foo has fired another legal salvo at the company's former director Andy Ong Siew Kwee and others, in relation to funds used in the purchase of the House of Tan Yeok Nee and Big Hotel, among other things.

Sakae, a minority shareholder in Griffin Real Estate Investment Holdings (GREIH) and Gryphon Capital Management (GCM), in an SGX statement yesterday, said it has filed two new lawsuits alleging that the affairs of both companies were conducted in a manner that is oppressive and prejudicial to its interests.

According to court documents inspected by The Business Times, Mr Andy Ong, founder and CEO of ERC Holdings, the holding company of the ERC group of companies, and his two associates, Ong Han Boon and Ho Yew Kong, are accused of treating the funds of GREIH as their personal funds and diverting these for the benefit of the ERC group of companies, including ERC Unicampus, ERC Institute and ERC Consulting.