TechFlow news, according to Tech in Asia, Singapore's High Court today dismissed the winding-up application filed by U-Zyn Chua, former chief technology officer and co-founder of cryptocurrency investment firm Cake Group. In addition to ruling that there was no grounds for shutting down the company, Judicial Commissioner Alex Wong stated during the court hearing that it was inappropriate for U-Zyn Chua to seek liquidation as a quick solution when other remedies were available. (Tech in Asia)
Earlier, in November 2023, U-Zyn Chua, former CTO of Cake Group, requested Singapore’s High Court to dissolve the crypto firm but is now considering acquiring the company directly. During a recent court hearing in Singapore, a potential deal was announced under which Chua would buy out the stake held by Cake Group co-founder and CEO Julian Hosp. The judge overseeing the winding-up application adjourned the case for five weeks to allow Chua time to consider the proposal. Terms of the deal were not disclosed.
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