Sakae Holdings to get some S$3.21m from troubled liquidated associate

MAINBOARD-LISTED restaurant operator Sakae Holdings will get a net return of close to S$3.21 million from liquidated associate Griffin Real Estate Investment Holdings, the board disclosed on Monday, after the High Court approved the partial return of capital to shareholders.

Griffin, which invested in properties such as the Bugis Cube shopping mall, was ordered by the High Court to be liquidated in 2017 after a legal tussle between Sakae and former director Andy Ong, who was found to have been "in breach of his fiduciary duties to Sakae".

Now, the High Court has given the go-ahead for S$13 million to be divided among Griffin's shareholders, the Sakae board said in an evening bourse filing. It added that it will continue to keep the shareholders updated on material developments.

Watch-listed Sakae saw no trading on Monday. It last changed hands at S$0.04 in April.