Sakae suits against ex-director, others begin

Sakae Holdings is alleging that monies were used by ERC group to fund the purchase of the House of Tan Yeok Nee (left). It is also suing Mr Ong (above), its former director.
Sakae Holdings is alleging that monies were used by ERC group to fund the purchase of the House of Tan Yeok Nee (above).ST FILE PHOTO
Sakae Holdings is alleging that monies were used by ERC group to fund the purchase of the House of Tan Yeok Nee (left). It is also suing Mr Ong (above), its former director.
It is also suing Mr Ong (above), its former director.ST FILE PHOTO

The trial for the suits filed by Sakae Holdings against various defendants began the same day in the Singapore High Court, the mainboard-listed company said yesterday.

The trial has been fixed from yesterday to March 4.

One suit is against Mr Andy Ong for allegedly breaching duties when he was director of the company, among other allegations, Sakae said in a filing to the Singapore Exchange.

A second suit to be heard is against various defendants who allegedly conducted the affairs of Griffin Real Estate Investment Holdings (GREIH) "in a manner that is oppressive and prejudicial" to the interests of Sakae, which is a minority shareholder of GREIH.

It was earlier reported that the suit alleges, among other things, that monies were used by ERC group to fund the purchase of the House of Tan Yeok Nee, a gazetted national monument along Penang Road, and Big Hotel.

Mr Ong is founder and chief executive of ERC Holdings, the holding company of the ERC group of companies. ERC Holdings is an 80 per cent shareholder of Gryphon Capital Management, which manages GREIH's real estate investments, including Bugis Cube, a six-storey commercial property at 470, North Bridge Road.

In these two suits, some of the defendants have made third-party claims against Sakae chairman Douglas Foo, said Sakae. These claims will also be heard by the High Court at the trial.

There are two other suits which the High Court has directed to be deferred for now, said Sakae.

A version of this article appeared in the print edition of The Straits Times on January 16, 2016, with the headline 'Sakae suits against ex-director, others begin'. Print Edition | Subscribe