Pokka Sues Ex-CEO Alain Ong For $6.51 Mil Over Losses During Kimly’s Purchase Of Asian Story

Ex-Pokka CEO Alain Ong Was Suspended In Sep 2018

Last year, Pokka International was embroiled in a scandal involving ex-CEO Alain Ong and his wife Vivian Lai — a local celebrity.

Source

On Wednesday (28 Aug), Lianhe Zaobao reported that the beverage company has filed a lawsuit against Ong for losses amounting to at least S$6.51 million.

Vivian Lai’s husband allegedly inflated the value of Asian Story

Ong allegedly orchestrated and benefited from Kimly’s public listing in 2017 and its purchase of Asian Story which cost S$1.6 million, according Lianhe Zaobao.

The report, published on Wednesday (28 Aug) claims that Ong “illegally inflated Asian Story’s market value” and used Pokka’s resources to transform the company from one that only had 1 employee in 2009 to a company that now produces over 27 beverages.

Ong, through his actions, reportedly violated the Securities and Futures Act and caused losses amounting to S$6.51 million to Pokka.

Kimly cancelled Asian Story acquisition in 2018

According to Business Times, Kimly cancelled its acquisition of Asian Story after Pokka issued a 6-month notice that it would be terminating its manufacturing agreement with Asian Story.

Prior to the acquisition, Pokka International was the distributor of Asian Story’s products.

Pokka Corporation also manufactured some of Asian Story’s products on a non-exclusive basis.

Ong was suspended as Pokka CEO in Sep 2018

Back in Sep 2018, Pokka issued a letter to its business partners indicating that Ong was no longer authorised to represent Pokka International and Pokka Corporation.

 

The suspension was deemed necessary for company operations to continue running smoothly.

A month later, Vivian Lai – Ong’s wife and Pokka ambassador – was terminated as the ambassador of the company.

This is a developing story. The detailed write-up on the case by Lianhe Zaobao, can be found here in Mandarin.

Also read:

Featured image adapted from Marketing Interactive

The Must Share News Team

Teamwork makes the dream work.

Recent Posts

2 community cats die after being hit by cars in Marine Terrace, caregivers seeking footage

The driver who hit one of the cats purportedly denied doing so behaved angrily.

23 Nov 2024, 1:33 am

‘Tiger Candy’ contains erectile dysfunction medicine, may cause painful & exceedingly long erections: SFA

It has been marketed online as a candy that helps with male sexual enhancement.

23 Nov 2024, 12:11 am

Pop Mart pursuing legal action over unauthorised use of Labubu images by certain brands

"POP MART does not have any official licensed partners in Singapore," it said.

22 Nov 2024, 11:25 pm

Heavy rain on 22 Nov causes flash floods in Yishun & Potong Pasir, 127.7mm recorded in northern S’pore

51% of Singapore's average monthly rainfall in November fell in northern Singapore over less than…

22 Nov 2024, 10:27 pm

Pilot treats passengers to pizzas after emergency landing causes hours-long delay in the US

He made sure all the passengers were served before taking a slice for himself.

22 Nov 2024, 6:32 pm

Woman in China grows ‘trident’ flesh on fingernail, apparently due to improper & frequent manicures

The doctor recommended a 2-week gap between manicures to allow nails to recover.

22 Nov 2024, 6:08 pm