High Court dismisses Singapore firm's bid to release millions to pare Wirecard 'loans'
Add BT as a preferred source
Kelly Ng
DeeperDive is a beta AI feature. Refer to full articles for the facts.
Singapore
THE High Court has thrown out a bid by a Singapore firm linked to Wirecard to free up 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$2.85 million in the first month, and US$1 million monthly thereafter - 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 (CAD) late August.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
TRENDING NOW
‘Boring’ is the new black: The stars are aligning for a Singapore stock market revival
Near sell-out launches in March boost developer sales to 1,300 units after four slow months
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Genting Singapore’s Lim Kok Thay receives S$7.5 million pay package for FY2025
