Justice Teh Hwee Hwee ordered the company to fulfil its contractual obligations by repurchasing luxury watches for the $2.5 million it had offered the investors.
The Hong Kong-registered company, named The WatchFund, uses money from investors to buy luxury watches, which are then held by the investors.
Its agreement with the five investors was that the company would repurchase the watches within a year to sell them at a profit to other buyers.
Mr Ben Wong, Dr Edmund Liew, Mr Gary Wong, Mr Wong Nga Kok and finance company MCA had sued The WatchFund and Mr Khoo in 2021 after the company cancelled its offers to repurchase the 15 watches that the investors had paid for.
MCA also sued on behalf of a sixth investor, Ms Yung Choi Ha, and won nominal damages from The WatchFund.
In a written judgment on April 30, the High Court found The WatchFund to be in breach of contract, but it dismissed the plaintiffs' claims for misrepresentation.
The plaintiffs had claimed in their suit that Mr Khoo had said the watches were bought at less than 50 per cent of recommended retail prices, but the value of the pieces was in fact lower than the amount they invested.
この記事は The Straits Times の May 07, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、8,500 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は The Straits Times の May 07, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、8,500 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
Ong Ye Kung calls for more Malay participation in Healthier SG
Healthier SG has been a success since the preventive care initiative was launched in July 2023, with close to 890,000 participants to date, said Health Minister Ong Ye Kung as he encouraged greater involvement by the Malay community.
Fire insurance for some US homes soars to $270k due to climate change
Mr Peter Mac was closing the sale of a home in the Hollywood Hills, a four-bedroom, five-bath estate with an infinity pool perched above the lights of Los Angeles.
SIA launching foundation to help students in need, grow aviation industry
To help people and communities in need and spur growth in Singapore's aviation industry, national carrier Singapore Airlines (SIA) will be launching the Singapore Airlines Foundation.
FROM CELL TO A SWELL 66
After arrest for felony assault, Scheffler calmly shoots to T4 at PGA C’ship
CITY ON THE BRINK OF NEW DOMINANCE
Guardiola’s men will seal a historic fourth straight EPL title with win over Hammers
Golfers back 'Free Scottie' movement after 'wild' arrest
Long described as a level-headed, wholesome family man whose dominance in golf bordered on boring, Scottie Scheffler now has a mugshot in an orange jumpsuit and a scheduled arraignment on his resume.
KLOPP EXIT TO CAP 'MOST INTENSE WEEK'
He leads Reds out for the last time against Wolves with his Liverpool legacy secured
Pacers force Game 7 as hosts prevail again
The Indiana Pacers produced another big win on their home court on May 17, routing the New York Knicks 116-103 to force a decisive Game 7 in their National Basketball Association (NBA) Eastern Conference semi-final, play-off series.
A FESTIVAL FOR URBAN SPORTS
SportSG hopes inaugural 10-day event will rally the masses and become an Asian fixture
LIM'S KOSCIUSZKO THE BEST BY TWO MILES
Nothing can stop Meagher’s champion as he equals Rocket Man’s 20-win record