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Global Investor Programme-approved venture fund placed under judicial management
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It is believed to be the first time a GIP fund is in such a situation.
PHOTO: ST FILE
Seow Bei Yi
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SINGAPORE - A venture fund approved under the Government's Global Investor Programme (GIP) has been deemed unable to pay its debts and is now placed under judicial management, a method of debt restructuring for companies under financial distress.
It is believed to be the first time a GIP fund is in such a situation. The High Court heard on Monday (July 15) that there had been "significant insolvency risk" in the fund, TAP Venture Fund I, as early as in December 2017.
