High Court dismisses Singapore firm's bid to release funds to pare Wirecard 'loans'

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.