SINGAPORE (May 16): Renaissance United, the renamed IPCO International, has been sued in the US state of Washington by an entity called Renovatio LLC.
Soh Chee Wen is named as one of the co-defendants in the civil suit as well. Also known as John Soh, he is now standing trial with his co-accused Quah Su Ling, former CEO of IPCO International, for being the alleged masterminds behind the manipulation of three penny stocks -- Blumont Group, Asiasons Capital (now called Atillan Group) and LionGold Corp -- back in 2013.
According to a Wednesday filing on the Singapore Exchange by Renaissance United, Renovatio LLC, has the filed the suit on May 13 on behalf of other claimants, including one G. Patrick Healy, to claim money for services rendered as well as stipend and expense claims. The specific nature of the services rendered were not disclosed by Renaissance United in its announcement.
In addition, Renovatio is suing for a 20% ownership interest in an entity called Brentwood Overseas, and, or, Asia Plan. Renovatio is also suing for loans Healy gave to the Falling Water project housing in Seattle owned by Renaissance United.
“The defendants dispute the claims made by the plaintiff and intend to vigorously defend all allegations of claims against the defendants through its attorneys in the United States,” says Renaissance United’s chief financial officer and executive director James Moffatt Blythman in the May 15 company announcement.
“The defendants believe the claims are erroneously made and without merit,” he adds.
Blythman joined IPCO’s board in Jan 2018 after having earlier paid $1.6 million for a 14% stake in the company in 2017.
According to Renaissance United, the plaintiff, Renovatio, is not the direct claimant of these claims, but has made the compliant as “assignee” of all the claims set out in the suit.
Besides Soh, other defendants in the Renovatio suit are Asia Plan, a British Virgin Island corporation, a former subsidiary of IPCO which was closed down since Sept 29 2016.
The last defendant named by Renovatio is called Neptune Capital Group, a British Virgin Island corporation. An entity with the same name was also among a list of individuals and companies sued by Interactive Brokers in the wake of the penny stock crash in Oct 2013 to recover losses of some US$68 million ($93 million).
The defendants of that Nov 2013 suit include another company called Sun Spirit Group. The list of individuals named include Quah, who was then CEO of IPCO, as well Neo Kim Hock, Peter Chen Hing Woon, Tan Boon Kiat, Lee Chai Huat and Kuan Ah Ming.
