High Court approves partial return of S$33m from Sakae Holdings associate

THE High Court has approved the partial return of capital totalling S$33 million to the contributories of Griffin Real Estate Investment Holdings (GREIH), an associate company of Sakae Holdings. 

Based on its shareholding in GREIH, Sakae itself will receive S$8.1 million in net proceeds, the Mainboard-listed company announced in a bourse filing on Thursday. 

In August last year, Andy Ong, a former director of GREIH, faced 17 charges for allegedly committing offences involving more than S$20 million.

In September 2017, Sakae won a lawsuit against Mr Ong and his two associates, whom it accused of treating GREIH's funds as their personal money and diverting them for the benefit of another company. 

Sakae's board said that it will continue to update shareholders on material developments.