MAS wins suit to freeze ex-China Sky CEO's funds
Court finds Chinese national to be true owner of the assets
[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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
New Articles
HDB resale prices accelerate, rising 1.8% in Q1 on stronger demand
Digital Core Reit Q1 distributable income slips 2.4% to US$10.6 million
BT subscribers can now share 5 premium articles a month with unlimited number of non-subscribers
First Reit reports 3.2% lower Q1 DPU of S$0.006 amid interest rate, forex headwinds
Vietnam holds first gold auction in 11 years to stabilise market
How Hudson Yards went from ghost town to office success story