Evercore’s bid to wind up Hwa Hong over S$8.7 million disputed fees dismissed

CORPORATE financial adviser Evercore Asia (Singapore) has failed in its attempt to wind up Hwa Hong Corporation over an alleged debt of S$8.7 million it is claiming as professional fees. It was ordered to pay S$25,000 in legal costs to the property company for the unsuccessful liquidation bid.

Justice Hoo Sheau Peng, in dismissing the winding-up application after a hearing on Monday (Mar 20), said that there are triable issues with respect to the debt that is being disputed by Hwa Hong and therefore would require determination by the court.

Jaikanth Shankar of Davinder Singh Chambers had tried to persuade the court that Evercore is entitled to the debt but “has been unfortunately dragged into the dispute” between the Ong family members behind Hwa Hong.