The Business Times

MAS wins suit to freeze ex-China Sky CEO's funds

Court finds Chinese national to be true owner of the assets

Published Wed, Nov 13, 2013 · 10:00 PM
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[SINGAPORE] The Monetary Authority of Singapore (MAS) has succeeded in a legal bid to permanently freeze US$3.7 million in funds belonging to the former chief executive officer of China Sky, ahead of the completion of a probe into the company for possible breaches of the securities law.

High Court Justice Belinda Ang found Huang Zhong Xuan, a Chinese national, to be the true owner of the assets in a Credit Suisse AG account in Singapore, despite the account being in the name of Build Up International Investments.

The assets comprise shares in Trony Solar Holdings Co, dividends and proceeds of the sale of shares.

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