00:00Two directors of an Indian joint venture continue to be barred from acting without board approval
00:06after a Bengaluru court refused to lift a restraining order previously issued against them.
00:12The order issued against War Hub chairman Kim Yong and his brother Eugene stems from a lawsuit
00:18filed by joint venture partner Lee Kim Ta. War Hub and Lee Kim Ta are two leading construction
00:25companies in Singapore. The suit alleges that the brothers failed to act against a senior executive
00:31accused of corruption and misuse of company funds. The joint venture vehicle L&W Construction is involved
00:39in major projects with the Masic Bank developers Capital Land and Mapletree. In 2023, Capital Land
00:46flagged bribes allegedly made to its staff under the direction of the senior executive. Independent
00:53audits and legal advice then recommended legal action to recover about US$3.5 million which
00:59was not acted on. The Yong brothers argue the case does not qualify as a commercial dispute
01:05under Indian law. Their challenge will be heard on June 15th. Police in India have opened investigations
01:12against the executive. Meanwhile, another former employee, once accused of bribery and reminded
01:19for two years pending trial, has been acquitted. He claims he was sacked and framed after acting
01:26as a whistleblower to bring to light the alleged misconduct. Ritka Chowdhury, FMT.
