The Business Times
business-time-50

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

google-preferred-sourceAdd BT as a preferred source
    • Happier times for Cake Group co-founders Chua U-Zyn (left) and current CEO Julian Hosp.
    • Happier times for Cake Group co-founders Chua U-Zyn (left) and current CEO Julian Hosp. PHOTO: CAKE GROUP

    Candice Lee

    Published Fri, Apr 26, 2024 · 09:25 AM

    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.

    LiquidationTech in Asia

    TRENDING NOW

    SIA said macroeconomic and geopolitical developments, including the Middle East conflict, continue to add uncertainty to the airline industry’s operating environment.

    SIA sinks into the red with S$76 million Q1 loss as fuel costs jump

    National Development Minister Chee Hong Tat noted that the public housing market has seen a moderation in resale flat prices over the past few quarters, following multiple rounds of cooling measures as resale prices surged.

    15-month wait-out curb lifted for private property owners buying HDB resale flats

    National Development Minister Chee Hong Tat says: “The best way is for the government to shape behaviours with the judicious use of market-based incentives, where possible.”

    ABSD deadline extended to up to 7 years for developers of large en bloc sites to encourage reuse of land

    Norris Road in Little India. An operator of unlicensed money remittance services for migrant workers was sentenced to jail recently.

    A ‘shadow bank’ hiding in Singapore’s Little India casts light on financial services gap

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More