High Court orders Sakae's Gryphon Capital Management to wind up

Sakae Holdings's associate firm Gryphon Capital Management will be wound up by consent.
Sakae Holdings's associate firm Gryphon Capital Management will be wound up by consent. PHOTO: ST FILE

SINGAPORE - Sakae Holdings said on Friday (Sept 8) the High Court ordered on Aug 21 for its associate firm Gryphon Capital Management (GCM) to be wound up by consent.

Sakae's nominees, Mr Seshadri Rajagopalan and Mr Jotangia Paresh Tribhovan of SR Associates, were appointed GCM liquidators.

"GCM's liquidators will now look into the affairs of GCM and bring such claims as they consider appropriate," said Sakae, which owns the Sakae Sushi chain.

It added in light of the High Court's order, a claim regarding GCM by Sakae, against Gryphon shareholder ERC Holdings, former director Andy Ong and his associate Ong Han Boon, will no longer proceed.

On April 7, High Court Justice Judith Prakash ordered Mr Ong and his associates Ong Han Boon and Ho Yew Kong to pay about S$35 million to Griffin Real Estate Investment Holdings, in which Sakae is a minority shareholder.

Mr Ong was also ordered to pay S$2.64 million to Sakae.

The judgment followed a seven-week trial last year that centred on Sakae's accusations that Mr Ong breached his fiduciary duties while a Sakae director.

The sushi chain owner reported in its second quarter financial results that the non-operating income included S$3.2 million from Mr Ong.

GCM manages Griffin Real Estate property investments, including Bugis Cube, a commercial property at 470, North Bridge Road.