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

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.