Ex-Honestbee CEO Joel Sng loses summary judgment over $5.1m in shares

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.