ZICO Faces SG$12.3 Million Claim Over Alleged Mismanagement

MT Newswires08-07

Zico's (SGX:40W) 51%-owned unit ZICO Trust, has been served with an originating claim and statement of claim from the High Court of Singapore, according to a Tuesday filing on the Singapore Exchange.

The claim filed on July 26 by Wang Zhijing alleges ZICO Trust mishandled SG$12.3 million without proper authorization.

Wang is seeking to hold ZICO Trust and two other entities-Tackle Finance and Financial One Trust-jointly and severally liable for the sum plus interest.

ZICO Trust, named the first defendant, denies the allegations and engaged Drew & Napier to contest the claim.

The company anticipates no material financial impact from the litigation.

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