A couple of days back, Pine Capital, which owns 51 per cent of ACPAM, had announced that former CEO Tan Choon Wee is suing the company for alleged discrimination and/or prejudice. It was on 8th April that Pine Capital was served with a writ of summons issued by the High Court. 

But then later on 15th May, ACPAM filed a writ of summons at the High Court against Tan, as well as former ACPAM directors Nicolas Lin, Roy Ling and Ong Kheng Chye. Further the company is also suing the former compliance manager Michelle Chee and former client services manager Charlene Tan.

The company claims that these former employees have breached their fiduciary duties and additionally have breached express and/or implied terms of their employment contracts. 

ACPAM is seeking damages, with an account of all amounts, including profits, that Mr Tan and Mr Ong had received from ACPAM in alleged breach of their duties, as well as costs and interest. 

The fight has been going on for long. In fact, Tan seized being the Director amidst this battle itself. 

Tan and Lin were removed as directors of ACPAM in EGM held on 5th April. Then on 8th April, alongside filing the writ of summons, Tan took out an injuction seeking for himself and Lin to be reinstated as ACPAM directors. However, the injunction was dismissed by the court on Apr 24 and the court ordered Tan to pay costs to Pine Capital.

Tan then filed an application for leave to appeal against this decision, which is fixed for hearing on the last day of this month. 

Let's wait and watch how things turn out for the firm and these leaders. 

Image Credits: Pine Capital Group