High Court dismisses bid by co-founder and CTO to liquidate Cake Group

THE Singapore High Court on Thursday (Apr 25) dismissed an application by Cake Group co-founder Chua U-Zyn to wind up the company, saying that the former chief technical officer “has gone too far” with the move.

Judicial Commissioner Alex Wong said there were no grounds to shutter the crypto firm, adding that it was not appropriate for Chua to seek liquidation as a quick fix to his troubles when there were other remedies available.

This puts an end to the current legal battle between Cake Group’s warring founders, Chua and CEO Julian Hosp, which goes back several months.