High Court rules consultant is owed US$803,664 after fintech firm tries to avoid paying advisory fee after distressed sale
[SINGAPORE] A local fintech firm that sold its cryptocurrency exchange to Temasek-backed Amber Group at a fraction of its original valuation has been ordered by the High Court to pay its former consultant US$803,663.83 in advisory fees – a fee it had refused to honour.
The deal had soured amid the 2022 crypto market collapse, with the sale of Sparrow Tech’s exchange changing hands at a heavy discount on its original valuation.
In a judgment issued on Feb 6, Senior Judge Lee Seiu Kin ruled that Sparrow Tech must pay the advisory fee to its former consultant LinkChina Capital, but at roughly half of what the latter…
