George Quek looking to S'pore-Taiwan trade pact to resolve Pacific Sogo acquisition woes
His business vehicle - Clover - claims documents on capital increase in acquisition target were 'forged'
Singapore
BREADTALK founder George Quek is looking to a Singapore-Taiwan trade pact signed in 2014 to resolve the issues encountered in his recent personal acquisition of Taiwan's Pacific Sogo Department Stores.
Mr Quek and a long-time business partner had entered into a deal with Taiwanese businessman Lee Heng-lung to acquire the bulk of the latter's claimed 60 per cent stake in holding company Pacific Distribution Investment (PDI), whose main asset is Pacific Sogo Department Stores, which has a total of 12 stores in Taiwan and mainland China.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Singapore shares open in the red on Tuesday; STI down 0.3%
Huawei’s pivotal role in the US-China tech war, from 5G to chips
CDL Hospitality Trusts reports 6.8% higher Q1 net property income of S$34.9 million
Starhill Global Reit posts 0.9% lower Q3 net property income of S$37.7 million
Binance and CZ ’s fortunes are set to grow, jail or no jail
Stocks to watch: Wilmar, MLT, FEHT, CDLHT, Starhill Global Reit, IReit Global