CEO cites divorce in bid to free assets

CEO cites divorce in bid to free assets

An executive caught up in the scandal over last October's penny stock crash has invoked a divorce court order to try to free up two Singapore properties frozen by creditors.

Ms Quah Su-Ling, chief executive of Ipco International, wants the High Court to allow her to meet the conditions of an interim judgment made by the Family Court on Nov 4.

This called for her to transfer a unit at the Country Grandeur in Upper Thomson and another in Orange Grove Residences in Tanglin to former husband Tan Kien Giap within three months from Feb 13.

That was when the interim judgment became final.

Recent sales transactions suggest the properties could fetch around $5 million, agents estimate.

United States-based Interactive Brokers won a court order on Nov 11 to freeze $10.2 million of Ms Quah's assets.

The brokerage is suing her and seven other clients to recover more than $79 million in trading losses stemming from the penny stock meltdown.

Ms Quah has asked the High Court to vary this order, in other words, to allow the properties to be transferred.

The Straits Times understands that at least one of the other clients sued by Interactive has filed for divorce, this time in Malaysia. The client has also made a similar request to Malaysia's High Court.

Ms Quah contends that the Family Court ruling on Nov 4 - made seven days before the Interactive order was issued - should take precedence.

She said she would be in contempt of the Family Court and risk having enforcement proceedings brought against her if she fails to transfer the properties.

But Interactive's lawyers, in court papers seen by The Straits Times, objected to the transfer, saying Ms Quah "proceeds at her own peril".

They argued that the freezing order may be varied only if both parties agree in writing.

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