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ACPAM's ex-interim CEO loses appeal against Pine Capital
THE former interim CEO and executive chairman of Pine Capital Group's subsidiary, Advance Capital Partners Asset Management (ACPAM), has failed in his appeal against the High Court's decision to allow for a separate and further extraordinary general meeting (EGM) of ACPAM to be convened to ratify the resolutions passed at an earlier EGM on Apr 5, 2019.
The plaintiff, Tan Choon Wee, and Lin Kuan Liang Nicolas were removed as directors of ACPAM at this Apr 5 EGM, while new directors were appointed to ACPAM's board. Mr Tan was seeking to, among other things, invalidate those resolutions that were passed to remove him and Mr Lin as directors, and/or for ACPAM to be wound up.
Pine Capital on Thursday said Mr Tan was seeking a stay of the orders regarding the EGM application, so that the separate EGM would only be convened after the appeal has been decided by the Court of Appeal. However, subsequently, Mr Tan sought leave to withdraw the stay application.
At a hearing on May 31, the Court granted permission for Mr Tan to withdraw the stay application, and he was ordered to pay costs to the company.
The High Court also did not grant the plaintiff leave to appeal against the High Court's decision to dismiss an earlier injunction application for him and Mr Lin to be reinstated as directors of ACPAM, and to restrain the appointment of new directors pending the final determination of the legal proceedings.
In effect, the High Court did not grant the plaintiff permission to appeal against its decisions. It ruled against the plaintiff and in favour of the company.
Pine Capital said it will continue to seek legal advice from its legal advisers and will continue to take the necessary steps to vigorously defend the action. At this juncture, it cannot yet determine the financial impact from these legal proceedings.