USP Group seeks US$11m in damages from 5 parties associated with acquisition of production plants

WATCH-listed USP Group announced in a regulatory update on Sunday that it is seeking US$11 million in damages from five parties in relation to the acquisition of three eco fuel production plants.

Among the five are two former board members - former executive director Raphael Tham, former independent director Wong Peng Wai. The other three are Chau Leung Yu, Pua Chieh Sze and Lim Soh Sian.

The company had through its solicitors Fervent Chambers LLC, issued a writ of summons and statement of claims in the High Court on Jan 22 against the five.

The claims will be made for offences including a breach of fiduciary duties, dishonest assistance, knowing receipt, fraudulent misrepresentation and deceit, breach of contract, unlawful interference or inducting a breach of contract as well as unlawful conspiracy.

The company said it will keep shareholders updated and informed as and when there are material developments on claims.

Shares of USP ended last Friday at 6.8 Singapore cents, up one Singapore cent or 17.2 per cent.