ecoWise Sues Former Executives, Associates Over Alleged Misconduct

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ecoWise Sues Former Executives, Associates Over Alleged Misconduct

MT Newswires09-14 13:22

ecoWise (SGX:5CT) has started High Court proceedings against four former executives and associates over alleged breaches of directors' duties, conspiracy and dishonest assistance linked to the disposal of its entire stake in ecoWise Energy, according to a Friday filing.

The claim, filed Sept. 10, names former Executive Director and Deputy CEO Cao Shixuan, former Hong Kong Chenbang Investment sole director and shareholder Chen Chen-Chen, former Group Financial Controller and Corporate Secretary Lye Kar Choon, and former Senior Manager - HR cum Finance Zhang Gaopin as defendants.

The company is seeking, among other reliefs, equitable compensation and damages, an account of profits, and payment of the difference between the value at which shares in ecoWise Energy and Wuhan ecoWise Energy were received and their alleged true value.

The defendants have not filed their defences, and the claims have not been determined by the court.

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