SINGAPORE – The liquidators of a Singapore company caught in the Wirecard scandal have been barred from using millions in frozen funds to bankroll future lawsuits, which a High Court judge said have poor prospects of success.
Instead, the liquidators of oCap Management should focus on winding up the company and “distribute what remains of the company’s assets to its creditors”, said Justice Aiden Xu in a written judgment delivered on May 13. “That is all they should do.”
But Justice Xu allowed the release of about $178,560 for fees already incurred for additional work carried out by the liquidators and their solicitors from Jan 1, 2024 to May 31, 2025.
Business records show oCap Management, formally known as Senjo Trading, was…