High Court dismisses Singapore firm's bid to release millions to pare Wirecard 'loans'
Add BT as a preferred source
Kelly Ng
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.
TRENDING NOW
DeepSeek founder Liang Wenfeng becomes the world’s richest AI model creator
A new kind of ‘ceasefire’ between US and Iran where talks, strikes are part of the same process
Trump shelves 20% fee for Hormuz cargo after Gulf pressure
Early payout from Philippines’ Maharlika Investment Fund raises eyebrows over its true nature
