- Briefing Your roundup of Asian tech and startup news that matter
Terence Lee · · 1 min readEx-Honestbee CEO Joel Sng loses summary judgment over $5.1m in shares
“South Korean brokerage Mirae Asset Daewoo has been awarded a summary judgment for a US$5.1 million claim against former Honestbee chief executive Joel Sng, according to a High Court grounds of decision released on Thursday,” The Business Times reported.
Details:
- The judge found that money supposedly channeled into Honestbee was used to redeem the mortgage for Sng’s house in Singapore instead. The stock certificate issued to Mirae was likely fabricated.
- Sng plans to appeal the decision. A summary judgment is a court ruling that does not require a trial.
Dive deeper:
- It’s not the first time investors have made serious allegations against Sng. Last year, Tech in Asia reported how an early investor alleged that Sng had breached their investment contract.
- Sng was also accused of breaching his fiduciary duty to Honestbee over irregularities that occurred during his stint as CEO, including using company funds to buy a house in Japan.
- We also covered how Sng allegedly misled people into thinking he was the great-grandson of Chinese revolutionary leader Sun Yat-sen.
Editing by Eileen C. Ang
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
