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Stocks missing and payments defaulted; Naiise vendors prepare for loss


Stocks missing and payments defaulted; Naiise vendors prepare for loss
SINGAPORE – Creative marketplace Naiise, once having 25,000 square feet of retail space across Singapore, closed its last remaining physical store at Jewel Changi on 11 April. Dubbed themselves as a space “where creatives, makers and customers can connect with each other”, Naiise was “serving more than 200,000 customers each month” online and offline previously.
With the pandemic affecting physical stores’ sales, the retailer will operate solely on their online platform. However, it has since come to light that founder Dennis Tay had owed multiple vendors payments from the sales of their goods, with some since pre-COVID-19. ....

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Securities Commission Malaysia: Court Ordered RBTR And Five Others To Pay Over RM13 Million In Restitution


Date
05/04/2021
The Kuala Lumpur High Court had on 30 March 2021, ordered RBTR Asset Management Berhad and five other defendants to pay RM13.352 million in restitution for their role in the Euro Deposit Investment (EDI) scheme.  
 
The Court ordered the defendants’ assets be traced and paid to the SC in order to compensate the EDI scheme investors. The Court has also declared that RBTR, who was an SC-licensed fund manager, had breached its obligations and/or duties under the fund manager guidelines and failed to conduct due diligence to safeguard investor monies.  
The SC had on 2009 filed a civil suit against RBTR and five other defendants, namely: ....

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