Pine Capital subsidiary ACPAM issues writ of summons to some former directors

Singapore two-dollar billsSingapore two-dollar bills

Pine Capital Group’s subsidiary Advance Capital Partners Asset Management (ACPAM) has begun an action in the High Court against some former directors and employees, the company said in a filing to SGX Wednesday.

The action is against ACPAM former directors Tan Choon Wee, Ling Chung Yee Roy, Lin Kuan Lian Nicolas and Ong Kheng Chye, and against former compliance manager Chee Hui Ling Michelle and former client services manager Charlene Tan Yuin Tsze, the filing said.

Tan Choon Wee was also previously ACPAM’s CEO.

Ling, Lin, Ong and Charlene Tan Yuin Tsze did not immediately respond to Shenton Wire’s requests for comment, which were sent via LinkedIn messages. Tan Choon Wee has not responded to Shenton Wire’s previous request for comment, also sent via LinkedIn.

Shenton Wire could not locate a contact for Chee.

A writ of summons was filed for the defendants’ alleged breaches of fiduciary and/or other duties owed to ACPAM, while Tan Choon Wee, Chee and Charlene Tan Yuin Tsze were also alleged to have breached their employment contracts, Pine Capital said.

ACPAM is seeking damages from Tan Choon Wee and Ong Kheng Chye, and an account of all amounts they allegedly received from ACPAM in breach of their duties, the filing said.

The Court has set a pre-trial conference for 24 June, the filing said.

ACPAM is 51 percent owned by Pine Capital.

While you’re here, we’re hoping you can help us out.

Shenton Wire has been providing you with quick news and market analysis. But we need your support to continue to bring you the news you’ve come to expect and to expand our reach beyond Singapore.

Your monthly contribution will directly fund our journalism.

S$2     S$4       S$8

S$18       S$28       S$88

You can check your existing account here. You can also contact us about other contribution levels or for corporate subscriptions and syndication queries.