Shen Yao Holdings Hit with Multi-Million Dollar Lawsuit

Liongold (SG:A78) has released an update.

Shen Yao Holdings Limited is facing a lawsuit in the High Court of Singapore filed by Golden Point Group Pty Ltd, alleging that former and current directors of the Claimant caused it to make unauthorized payments and enter into a disadvantageous management service agreement with Shen Yao, resulting in claims totaling over A$58 million. The Claimant, an Australian subsidiary of Shen Yao Holdings that operated a goldmine, is seeking repayment of these funds inclusive of interest.

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