[sgbuffett]

https://www.businesstimes.com.sg/garage/...d-bankrupt

[Niubee]

Must have did many dishonest stuff. Likely Kokee's cousin.

[Blasterlord2]

Below is the full report. Do note that he made a purchase of a USD1.1mil house in Japan, which is under his name. 

So he's bankrupt in name only, still has some assets. He's probably richer than most of us here.

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JOEL Sng, the former chief executive of a grocery delivery startup that fell from grace amid mounting debt, has been made a bankrupt.

Sng, a Singaporean, was issued a bankruptcy order by the Singapore court on May 23, according to a notice published on Friday (Sep 9).

The 40-year-old founder, who at one point falsely claimed to be the great-grandson of Chinese revolutionary leader Sun Yat Sen, was embroiled in legal action after reportedly being fired from honestbee in April 2019.

Sng started the Singapore-based company in 2015 with Isaac Tay and Jonathan Low. With the backing of South Korea’s Formation Group, founded by LG scion Brian Koo, the trio expanded the business to markets including Hong Kong, Indonesia, the Philippines and Japan.

But troubles emerged in 2019 and the company, under court supervision, attempted to restructure US$230 million in debt owed to over 1,000 creditors. A flashy tech-enabled supermarket and dining space in Pasir Panjang was shut down in March 2020 amid high overhead costs.

The restructuring bid ultimately failed and the Singapore High Court issued honestbee a winding-up order on Jul 20, 2020.

Last year, South Korean brokerage Mirae Asset Daewoo was awarded a US$5.1 million claim against Sng by the High Court. Mirae Asset had sued Sng for allegedly failing to deliver honestbee shares, after the brokerage paid US$5.1 million for some of his shares.

Sng’s relationship with honestbee further soured after his departure from the company. Honestbee said in March 2020 it was taking legal action against its former CEO and an ex-director after it allegedly discovered “numerous irregularities” in various financial transactions.

The transactions included the US$1.1 million purchase of a house in Niseko, Japan under Sng’s name, and transactions between honestbee and an e-wallet company incorporated by Sng, which went undisclosed to the board for over a year.

[Scythian]

..
Sng ( sounds like in hokkien " sour ") is a honest parasite..

Profession to cheat

[ysh02]

Wow started in 2015 and close shop in 2020 just 5 yrs and owed banks so much money,those banks must be stupid to lend it so much $$ loh...not so honest leh...

[Ola]

JOEL Sng, the 40-year-old founder, who at one point falsely claimed to be the great-grandson of Chinese revolutionary leader Sun Yat Sen

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Sounds like another Jac Lau who loves to lie and try to flatter himself with many Fakes. Is he also a Malaysian?