A trading company whose accounts clerk swindled four firms out of more than $46 million - one of the highest monetary losses in Singapore's financial crime history - has been wound up by the Court of Appeal.
Double Ace was set up to trade in spare parts used by Mr Wong's businesses but had been dormant since 2011 when his son Wong Kie Nie, who ran the firm, fell ill. The respondents - defended by lawyers Michael Palmer, Reuben Tan and Amanda Chen - contested her claims before agreeing that Faxlink should be wound up as it was dormant.
But the court allowed her appeal in relation to Double Ace, finding it had been dormant since 2011 as shown by its drop in revenue.
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