Zico Holdings subsidiary served writ of summons
MANAGEMENT consulting company Zico Holdings said in a bourse filing on Thursday (Apr 7) that its indirect subsidiary Zico Trust has been served with a writ of summons on Apr 4.
The writ, filed by CPS German 1 on Mar 31, claimed that the trust company had received funds amounting to US$5 million and S$720,000 in two accounts and is liable to return them.
In addition to this sum, CPS German 1 also claimed damages worth US$1 million and S$144,000, from Zico Trust, as well as three other defendants that were also named in the writ.
They are Seed Global Investment, Tew See Mong and Lim Soon Cheng. Tew is the chief executive officer of Seed Global Investment, an investment consultancy firm.
Zico said in the filing that these three other defendants are not part of and are not related to its indirect subsidiary, which provides personal and corporate trust services.
The company intends to defend the claims made and is seeking legal advice on the matter.
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In Dec last year, Zico Malaysia, another subsidiary of Zico Holdings, had sold 49 per cent stake in Zico Trust for RM9.6 million (S$3.1 million) to Riau Capital , which is a family-owned investment company in Singapore.
The trust company has been operating in the Labuan International Business and Financial Centre, a special economic zone in the Malaysian state of Sabah, since 2005.
Shares of Zico closed flat at S$0.069 on Thursday.
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