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M Development wins claim against ex-director, 2 family members for breaching fiduciary duties

M Development wins claim against ex-director, 2 family members for breaching fiduciary duties

Source: Straits Times
Date Published: 08 Nov 2018

Investment holding firm M Development on Wednesday (Nov 7) said it has been successful in its claim against defendants in the litigation commenced by its subsidiary, Winsta Holding, in the Singapore High Court.

Investment holding firm M Development on Wednesday (Nov 7) said it has been successful in its claim against defendants in the litigation commenced by its subsidiary, Winsta Holding, in the Singapore High Court.

In a judgment by the High Court dated Nov 5, 2018, it was ordered that former director of M Development Sim Pei Yee, along with her family members Sim Poh Ping and Sim Pei San, are liable for breaches of their fiduciary duties arising from their involvement and/or interests in entities such as Overseas Students Placement Centre, ATAS Residence, Uni-house, Unihouse @ Evans, Jiu Mao Jiu Hotpot, ICS Catering and I-Masters Air-Conditional.

The Court also found that three other individuals - Kong Weija, Tan Choon Leong and Connie Ng - had dishonestly assisted the Sim family in their breaches of duties.

Accordingly, the Court ordered that the Sim family, Mr Kong and Overseas Students Placement Centre be liable to the company for $930,872.55. The Sim family, Mr Kong and ATAS Residence are liable to the company for $463,460.40; and all the other defendants, including Mr Tan and Ms Ng, are to be liable to the company for $10,000.

M Development will also be entitled to claim $445,641.70 in costs for its forensic expert.

The Court will hear the parties on costs at a later date.

Source: Straits Times © Singapore Press Holdings Ltd. Permission required for reproduction.

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