R
Red 3
Guest
Oct 13, 2010
OCBC may take further action
By Francis Chan
OCBC Bank may have won its High Court battle with businessman Anthony Soh over his 2008 attempt to takeover Jade Technologies, but there may be a new twist to the extended corporate saga. According to a source close to the lender, OCBC and its team of legal advisers are considering whether further action can be taken against Dr Soh for his role in the botched bid.
High Court Judge Lai Siu Chiu ruled on Tuesday, that the doctor-turned-businessman had misled OCBC into acting for him in his bid for Jade by, among other things, providing the bank with false documents.
Justice Lai also awarded damages to OCBC, but these could balloon to more than $1.2 million if $410,094 owed to the bank in fees and $835,327 in expenses related to the Securities Industry Council (SIC) inquiry are taken into account. On Wednesday night, Dr Soh said he was still studying the judgement with his lawyers, adding that he was told he had one month to appeal. 'I will decide (my) next step after legal and expert advice,' he said.
Read the full story in Thursday's edition of The Straits Times.
