This is a discussion on OCBC wins takeover case within the Local & Foreign Issues forum, part of the Community Lounge category; OCBC Bank has won a High Court battle against businessman Anthony Soh over the botched 2008 takeover bid for Jade ...
OCBC Bank has won a High Court battle against businessman Anthony Soh over the botched 2008 takeover bid for Jade Technologies.
The court ruled yesterday that Dr Soh misled OCBC into acting for him when he mounted the bid for Jade and even provided false documents to add to the deception.
Justice Lai Siu Chiu said Dr Soh and his investment vehicle, Asia Pacific Links (APLL), had approached OCBC to launch the buyout 'despite knowing that they had no funds to satisfy' the deal if all shareholders had taken up the offer.
'Throughout their interactions with their legal and financial advisers, the defendants repeatedly misrepresented APLL's financial resources and level of shareholdings in Jade,' said Justice Lai.
'The defendants had also presented OCBC with forged and/or false documents to prove that they had the financial resources to proceed with the offer.'
The court also dismissed Dr Soh's counterclaims that he had suffered losses because OCBC did not properly fulfil its duties as his financial adviser.
OCBC wins takeover case