Court dismisses fraud claims against CAG, says structure of lawsuit is illegal

Kelly Ng

Published Fri, Feb 19, 2021 · 05:50 AM

Singapore

THE Singapore courts have dismissed allegations of fraud against Singapore-based marketing consultant Capital Asia Group (CAG) and its sole director brought by more than 1,000 multinational investors over an oil investment scheme.

In ruling handed down on Thursday, High Court judge Choo Han Teck threw out claims that the defendants made fraudulent misrepresentations and were in cahoots with the Canadian companies Proven Oil Asia (POA) and its parent company Conserve Oil Group Inc (COGI), in perpetuating a "ponzi" scheme.

In particular, the judge also noted that the investors who were attempting to sue the three defendants - CAG, Capital Asia Group Oil Management and their sole shareho…