Two ex-business partners have filed a case against Royal Brothers Group co-founder Asok Kumar Naraindas for allegedly cheating them of their rightful share of profits from the Park Regis Singapore (pictured) sale, according to a Business Times report.
Former Park Regis Singapore shareholders AMW Park Regis Singapore (a unit of the AMW Corp) and Balbinder Singh Sohal formally filed a complaint in the High Court against Naraindas (otherwise known as Asok Kumar Hiranandani). The property was sold for S$218 million to Indonesian mining magnate Yusuf Merukh in 2010.
The complainants claimed that they were led to sell their respective shares in A&B Hotels Pte Ltd to Naraindas because of alleged misrepresentations.
A&B Hotels was set up to place investment into the Park Regis Singapore, a 203-room four-star hotel, as well as a neighbouring seven-storey office block located at the New Market Street / Merchant Road.
Represented by Senior Counsel Ang Cheng Hock and Tay Yong Seng of Allen & Gledhill LLP, AMW said it sold its 12.3 percent stake in A&B to Naraindas, who had claimed that Park Regis Singapore had no potential buyers. He allegedly acquired AMW’s shareholdings days before the sale of the project to Merukh.
From his end, Singh, represented by Low Chai Chong of Rodyk & Davidson LLP, claimed that Naraindas had him enter into agreements that led to the sale of his 26.67 percent share in A&B, which denied him of his rightful share of the profits from the Park Regis sale.
Meanwhile, Jimmy Yim, Senior Counsel from Drew & Napier LLC, who stands as Asok’s lead lawyer said that the claims were void of merit as the former shareholders “sold out on their own accord and are businessmen with wide and sufficient experience of their own.”
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