Allen Law breached fiduciary duties as director of Park Hotel Management, High Court rules
‘His first and only thought was to benefit himself,’ judge says
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[SINGAPORE] Businessman and hotelier Allen Law breached his fiduciary duties owed to his company Park Hotel Management (PHMPL) which is now in liquidation, a Singapore High Court judge ruled on Wednesday (Aug 6).
“When his company was in financial peril, he transferred its viable assets and businesses (effectively) to himself at a gross undervalue and manipulated the books of the company to eliminate receivables owed by him and his entities, leaving the creditors with nothing,” said Justice Hri Kumar Nair.
Law had transferred all of PHMPL’s valuable assets to three companies under his control in March 2021; in doing so, the founder of Park Hotel Group did the opposite of what the law demands, Justice Nair said.
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