The man at the centre of the Sinwa insider dealing case could be in line for a damages payout following a failed bid to suspend him from the Singapore Swimming Club.
Mr Mike Sim - who was fined $153,000 last year while he was executive chairman of the mainboard-listed company - has succeeded in overturning his suspension on a technicality.
It means he could now receive a payout from the club after a High Court judge ordered that potential damages be assessed.
The 69-year-old business consultant was suspended earlier this year after another member complained that his insider-dealing conviction made him an embarrassment.
His wife also received a suspension as their "family category" membership meant they were treated as one.
But the club tripped up by failing to follow the correct procedure.
Two members who had been involved in the hearings were absent when the decision to exclude the couple was made.
On Wednesday, Mr Sim - who has been with the club for almost 40 years - said he was "upset and deeply disappointed" at its bid to oust him.
Meanwhile, others described him as a "model member" and said his suspension would be a loss to the organisation.
Suspending those who have been convicted of serious crimes is common practice for recreational clubs.
Mr Sim's insider-trading fine meant he faced calls to leave and avoid bringing the club into "disrepute".