SINGAPORE (Dec 4): Shares of Alliance Mineral Assets, belonging to CEO Tjandra Pramoko and his wife, executive director Simone Suen, has been seized on court order dated Nov 30.

In an SGX filing on Monday night, Alliance Mineral announced some 40 million shares, representing 7.2% of the company, has been seized. The shares will then be sold by the Court Sheriff to raise proceeds of some $5.5 million.

This is the sum of money Pramoko owes businessman Jonathan Lim Keng Hock as part of a settlement agreement the two men signed earlier this year.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook