Sakae files new suits against former director
Dispute relates to funds used to buy House of Tan Yeok Nee and Big Hotel
SAKAE Holdings chief executive Douglas Foo has fired another legal salvo at the company's former director Andy Ong Siew Kwee and others, in relation to funds used in the purchase of the House of Tan Yeok Nee and Big Hotel, among other things.
Sakae, a minority shareholder in Griffin Real Estate Investment Holdings (GREIH) and Gryphon Capital Management (GCM), in an SGX statement yesterday, said it has filed two new lawsuits alleging that the affairs of both companies were conducted in a manner that is oppressive and prejudicial to its interests.
According to court documents inspected by The Business Times, Mr Andy Ong, founder and CEO of ERC Holdings, the holding company of the ERC group of companies, and his two associates, Ong Han Boon and Ho Yew Kong, are accused of treating the funds of GREIH as their personal funds and diverting these for the benefit of the ERC group of companies, including ERC Unicampus, ERC Institute and ERC Consulting.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
UBS weighs synthetic risk transfer amid capital boost proposals
Oil settles higher on supply concerns in the Mid-East, economic woes subdue gains
S-Reits falter as investors weigh possibility of zero rate cuts in 2024
CapitaLand Investment posts total revenue of S$650 million for Q1
Europe: Stoxx 600 logs best day in three months as banks shine
US: Stocks rally after strong tech results