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Ex-Pokka CEO not key man behind IPO, says sponsor; CAD probe ongoing

05 Sep 2019 09:00

By By Rachel Mui

PRIMEPARTNERS Corporate Finance, as sponsor of Singapore-listed coffee shop operator Kimly, on Tuesday said the latter's executive director Vincent Chia was the key person in the company's initial public offering (IPO) - in response to queries from the Singapore Exchange (SGX).

SGX had asked whether Pokka's former chief executive Alain Ong was the mastermind in the IPO as described in media reports.

Mr Ong is being sued by Pokka, which alleges he was part of a conspiracy that caused the drink maker to suffer at least S$10 million in losses. Pokka is accusing Mr Ong of working with others to divert business to another beverage company, Asian Story Corporation (ASC), and of inflating the value of ASC in anticipation of its acquisition by Kimly.

Pokka said Mr Ong, whose wife is actress Vivian Lai, has breached his duties as a director and employee.

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Source: Business Times

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