SC rules in favour of Singaporean investors of Alliance Select Foods
The Supreme Court has ruled in favour of the Singaporean minority investors of Alliance Select Foods International Inc. and denied the petition of its former chairman Jonathan Dee.
In a disclosure to the stock exchange, Alliance Select Foods International said the Supreme Court has issued a decision dated March 15, 2017 on the consolidated petitions for review on certiorari filed by Dee, the respondent, and the petitioners, Harvest All Investment Ltd., Victory Fund Ltd., Bondeast Private Ltd, Albert Hong Hin Kay, and Hedy SC Yap-Chua, both assailing the decision of the Court of Appeals.
“In the decision, the Supreme Court denied the petition of Mr. Jonathan Dee, and partially granted the petition of Harvest all. The court agreed with Harvest All that the case is incapable of pecuniary estimation and ordered the case remanded to the RTC for further proceedings,” Alliance Select Foods International said.
Dee resigned as chair of the company in January last year amidst allegations from Harvest All and other minority investors that their rights to inspect the books and records have been denied them.
The Singaporean investors also secured a temporary restraining order for the company to maintain the status quo, preventing it from holding stockholders meetings.