An ex-Grab director faces a US$50 million lawsuit

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Hello reader,

I’ve always been afraid of getting sued. Sometimes, I think about what I might do or write that would warrant it, and it seems like one of those things that could happen for the smallest of disputes.

Insulted the wrong person? Sued. Accidentally tripped over someone’s dog? Sued. Breathed the wrong way around a trigger-happy rich person? Sued.

Or maybe I’m just paranoid and occupy myself with these thought experiments when I’m bored.

However, it’s the grim reality for a former Grab director, who faces allegations of fraud. “My oh my, how scandalous,” you say? If you’re after the dirty details, read more in today’s story.

Today we look at:

• Andy Mills, former board member of Grab and mentor to Anthony Tan, getting sued.
• An Indonesia-focused fintech firm securing new funds.
• Other newsy highlights such as Zipmex extending halt on withdrawals and Tencent shutting down its local NFT platform.

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Troublesome allegations

Image credit: Timmy Loen

Andy Mills, a former non-executive director at Grab, just got served. He’s been named as a defendant in a suit by Brendan Sullivan, who was managing director at US-based Archegos Capital Management. Mills, who was co-CEO of Archegos, was also one of two co-founders of the firm – the other being Bill Hwang.

• Accusations and allegations: Sullivan alleges that Archegos, a family office, “fraudulently induced” employees to invest their compensation back into the firm and then “recklessly invested” and lost the money. He also claims that Archegos transferred a large block of shares to the Grace and Mercy Foundation, a Christian charitable foundation that was also co-founded by Hwang and Mills.
• Links to Grab: Mills was a board member of Grab from March 2017 to November 2021. Anthony Tan, co-founder of the ride-hailing firm, had previously called Mills a business and spiritual guide. However, a spokesperson from Grab told Tech In Asia that Mills was a non-executive director on the board of “a predecessor Grab entity.”
• Getting their dues: Sullivan is seeking to recover US$50 million in deferred bonuses. Hwang, on the other hand, is facing a slew of criminal charges, including alleged racketeering and fraud, filed by the US Department of Justice (DoJ) on April 27 over the collapse of Archegos. Mills, however, was not named in the DoJ suit.

Read more: Ex-Grab director sued over alleged fraud

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