The Singapore High Court today dismissed the liquidation application filed by U-Zyn Chua, former chief technology officer and co-founder of crypto investment company Cake Group. In addition to ruling that there was no reason to close the company, Judicial Commissioner Alex Wong added at the court hearing that it was inappropriate for U-Zyn Chua to seek liquidation as a quick solution to the problem when other remedies were available. (Tech in Asia)
Previously in February, Chua U-Zyn, co-founder and chief technology officer of crypto company Cake Group, who applied to the Singapore High Court for liquidation in November 2023, is considering a full acquisition of the company. According to a potential transaction announced at a court hearing in Singapore, Chua intends to acquire the equity of Cake Group co-founder and CEO Julian Hosp in the company. The judge overseeing the liquidation application adjourned the case for five weeks to allow Chua to consider the proposal.