Sushi chain owner Sakae Holdings on Friday said that High Court has ordered its associate company, Gryphon Capital Management (GCM) to be wound up by consent.
The court has appointed the company's nominees, Seshadri Rajagopalan and Jotangia Paresh Tribhovan of SR Associates LLP, as liquidators of GCM.
GCM's liquidators will now look into the affairs of GCM and bring such claims as they consider appropriate, said the company whose brands include Sakae Sushi, Hei Sushi and Crepes & Cream.
In light of the court's order, the trial claimed by the company against ERC Holdings Pte Ltd, Andy Ong, and Ong Han Boon in connection with the affairs of GCM, will no longer proceed, it said in a statement.
Earlier in April, High Court ordered Ong and his associates Ong Han Boon and Ho Yew Kong to pay about S$35 million to Griffin Real Estate Investment Holdings, in which Sakae is a minority shareholder.
Ong was also ordered to pay S$2.64 million to Sakae.
The judgment followed a seven-week trial last year that centred on Sakae's accusations that Ong breached his fiduciary duties while a Sakae director.