Civil Litigation

Obtained Judgment In The Sum Of S$13 Million Acting For An International Luxury Watch & Jewellery Company

October 25, 2016

 

Obtained Judgment In The Sum Of S$13 Million Acting For An International Luxury Watch & Jewellery company against its former Accounts Manager

Peter, assisted by Andrew, acted for an international luxury watch and jewellery company and managed to obtain judgment in the sum of S$13 million against its former Accounts Manager for misappropriation, conspiracy and breach of fiduciary duties arising from her acts of forgery and alteration of cheques. As part of the proceedings, Peter, on behalf of the Plaintiff, obtained a worldwide Mareva Injunction against the former Accounting Manager and her husband preventing the dissipation of their assets.

As part of the recovery efforts, Peter also acted for the client and brought a High Court action against a Singapore financial institution for negligence for the sum of S$10 million by reason of the bank’s alleged failure to detect the former Accounting Manager’s acts of misappropriation. The claim was eventually settled favourably for the client.

Finally, Peter acted for the client in bringing a High Court action against the former auditors for professional negligence by reason of the former auditors’ failure to detect the Accounting Manager’s acts of misappropriation. The case was eventually settled favourably for our client by way of mediation in the Singapore Mediation Centre.

Through the above recovery efforts, the client was able to substantially recover the losses suffered by reason of the Accounting Manager’s acts of misappropriation.

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