According to Odaily Planet Daily, the Singapore High Court today dismissed the liquidation application filed by U-Zyn Chua, former chief technology officer and co-founder of crypto investment company Cake Group. Judicial Commissioner Alex Wong added at the court hearing that it was inappropriate for U-Zyn Chua to seek liquidation as a quick solution to the problem because other remedies existed.
Earlier in February, it was reported that Chua U-Zyn, co-founder and chief technology officer of Cake Group, who applied for liquidation to the Singapore High Court in November 2023, is considering a full acquisition of the company. According to a potential transaction announced at a court hearing in Singapore, Chua intends to acquire the equity of Julian Hosp, co-founder and CEO of Cake Group, in the company. The judge overseeing the liquidation application postponed the case for five weeks to allow Chua to consider the proposal.
