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High Court orders Sakae's Gryphon Capital Management to be wound up

THE High Court has ordered Sakae Holdings Ltd's associate company, Gryphon Capital Management (GCM), to be wound up by consent, said the company in a Singapore Exchange filing on Friday.

The High Court has also appointed the company's nominees, Seshadri Rajagopalan and Jotangia Paresh Tribhovan of SR Associates LLP, as liquidators of GCM.

GCM's liquidators will now look into the affairs of GCM and bring such claims as they consider appropriate.

In light of the High Court's order, the trial of Suit 1099, which was a claim by the company against ERC Holdings Pte Ltd, Andy Ong, and Ong Han Boon in connection with the affairs of GCM, will no longer proceed.