High Court dismisses Singapore firm's bid to release funds to pare Wirecard 'loans'
Add BT as a preferred source
Kelly Ng
A SINGAPORE firm linked to Wirecard tried compelling Singapore authorities to release millions of seized funds every month, claiming that these were to repay "loans" from the scandal-tainted fintech, and expenses such as "accounting services".
oCap Management's motion - which asked for a one-off lump sum of US$1.85 million as well as US$1 million monthly - was rejected by the Singapore High Court on Monday, with court documents revealing that US$8.63 million from oCap Management had been seized by the Commercial Affairs Department late August. (see amendment note)
This, along with another S$290,000 from its Singapore unit oCap Asia Pacific Holdings, was seized on August 20 "as suspected proceeds of serious offences", the court heard on Monday.
TRENDING NOW
Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan
Taiwan’s wealthy seeks diversification to Singapore, sparking private banking race: Bloomberg
Serenity Park condo owners lower asking price to S$440 million in second shot at collective sale
SGX to roll out post-trade custody model, changes to bid mechanics in July, cut board lots in October
