- Singapore court dismisses Cake Group co-founder’s winding-up application.
- Ruling ends current legal battle, but founders’ feud continues after failed buyout attempts.
- Future uncertain for once-promising crypto firm amid co-founders’ clash over layoffs.
The Singapore High Court today dismissed a winding-up application filed by U-Zyn Chua, former CTO of Cake Group, ruling that he “has gone too far” with the move.
Judicial Commissioner Alex Wong stated there were no grounds for shuttering the crypto firm.
Founders’ feud: a cautionary tale
This verdict puts an end to the current legal battle between Cake Group’s warring founders, Chua and CEO Julian Hosp, which began in December 2023. While Commissioner Wong urged a careful approach to resolve the conflict, given their value-adding enterprise, the path forward remains unclear.
Chua expressed disappointment with the outcome, stating, “We’re back to square one.” He acknowledged the inability to work with Hosp anymore, despite their mutual agreement last September that one would leave.
Chua is now exploring options, including appealing the order or finding an amicable way out, such as Hosp buying him out.
Piece of cake? not quite
Previous attempts at buyouts have failed, and Chua remains uncertain about such arrangements. “We’ve tried so many times, but [our attempts] kept failing in the past six months,” he said.
The co-founders’ fallout began in October 2023 over disagreements about layoffs at Cake Group, leaving the future of this once-promising crypto venture hanging in the balance.
To read the original article: https://www.techinasia.com/singapore-supreme-court-dismisses-uzyn-chuas-application-close-crypto-firm
