A former boss won a suit against Netccentric on the same day they sued him
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On Monday Netccentric said it was suing its ex-CEO over alleged dodgy expenses.
On the same day the Singapore High Court awarded that ex-chief, Cheo Ming Shen $SGD245,938.75 ($246,000) in a separate claim.
He says he will defend the suit launched against him by Netccentric (ASX:NCL).
Mr Cheo told Stockhead he was awarded the sum by the Singapore High Court along with $SGD17,000 in costs in a suit against Netccentric over outstanding loans.
A Netccentric spokesman told Stockhead the loans have been on the company’s books since before the IPO in 2015, and it will appeal the claim.
He said the award was not material for the company.
“The Judgement Sum ordered against Netccentric by the High Court was in relation to loans and other claims that were recorded as amounts due and owing to me in the latest audited financial statements of the company, signed off and approved by Timothy Tiah and Martyn Thomas,” Mr Cheo said in a statement to Stockhead.
“Despite personally signing off and approving the audited accounts and amounts due to me, Timothy Tiah, Desmond Kiu took the position, for the first time, in this lawsuit against Netccentric, that the monies were not due to me.”
“I am therefore glad that after considering all the facts, the High Court took the view that it was ‘troubled’ by Netccentric’s ‘different and at times inconsistent’ positions.”