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The Star
4 hours ago
- The Star
Malaysia's property bubble: A wake up call
For generations, Malaysians have lived by an unwavering belief: Buy property. It never depreciates. This axiom has been deeply ingrained, marketed as an infallible shield against inflation, a tangible emblem of success and a steadfast repository of wealth consistently outpacing market volatility.
The Star
12 hours ago
- The Star
Singapore's Tipsy Collective sues former directors, HR head; alleges S$14mil lost from misconduct, poor decisions
SINGAPORE: The legal battle over control of home-grown hospitality group Tipsy Collective has taken another turn. The company – now led by its majority shareholders, who gained control after a boardroom shake-up in 2024 – has filed a lawsuit against its former leadership, seeking to recover more than S$14 million in losses and damages from a string of alleged wrongful payments, mismanagement and unauthorised deletions of company records. In its statement of claim filed on June 12, the plaintiffs – Tipsy Collective and three of its subsidiaries (Tipsy Bird, Social Room Concepts and Tipsy Collective Singapore) – are alleging breaches of fiduciary and contractual duties by three former directors, David Gan Jia Liang, Derek Ong and Reuben Low Kok Cherng, and former human resources manager Avril Lim Qian Jun. Gan, who was the former chief executive of the group, founded Tipsy Collective with Ong in 2019. Following internal disputes, the bloc of investors and shareholders who oppose Gan has increased its collective stake from 59.39 per cent to 97.3 per cent, according to the latest shareholder records from the Accounting and Corporate Regulatory Authority. Gan currently owns 1.66 per cent of the company's shares, and Low holds 1.03 per cent. As Ong died in August 2023, his wife, Melody Huang Bao'er, who is the administrator of his estate, was named as the second defendant in the lawsuit. This new lawsuit follows an earlier court battle reported by The Straits Times in September 2024, in which Gan had sued eight parties – including investors and shareholders – claiming they had breached a shareholders' agreement and tried to unlawfully seize control of the company. The defendants – Indonesian investors Reino Ramaputra Barack and Santosa Kadiman, Singaporean Rudy Hartono Widjaja and four shareholder entities – rejected Gan's claims. Instead, they pointed to alleged financial mismanagement under his leadership. They cited mounting debts and lack of financial transparency, and questioned the $6 million spent developing Tipsy Unicorn beach club in Sentosa. They claimed Gan had caused the company to take out $8.7 million in loans, of which $6 million remained outstanding, and that the company owed $5.2 million to suppliers and nearly $1 million to Sentosa Development Corporation. Gan failed to get an interim injunction to retain control of the company's board and subsequently lost his lawsuit against the investors and shareholders. On Nov 6, 2024, the board terminated his role as chief executive and removed Low as director. On the same day, Barack was appointed the chairman of the board of directors of Tipsy Collective. Gan resigned from the board on Nov 15, 2024, while Lim's last day with the company was Nov 17 of the same year. By December 2024, the financial toll of the leadership struggle had affected ground operations. More than 100 employees had faced delays in salary payments since October 2024. The company managed to settle overdue Central Provident Fund contributions and salaries only after four shareholders injected emergency funding. The group, which once operated 13 outlets, has since scaled down. At least four outlets have been shut since October 2024, and it is now left with five outlets. Now, led by its new management, Tipsy Collective is turning the tables on its former leadership with this latest suit. The first set of allegations involves unauthorised payments made. The plaintiffs allege that Gan and Ong caused the companies to transfer more than $4.2 million to themselves and Low, or between entities, without justification. These included $1.49 million in payments, made in December 2020, and $2.8 million disbursed between June 2020 and May 2024. The suit alleged that the payments had no commercial justification and brought no benefit to the companies, and that the three former directors failed to recover the funds, causing significant losses to the group. The lawsuit also cited a string of poor business decisions that allegedly harmed the group financially. The development of Tipsy Unicorn – a 19,000 sq ft beach club on Sentosa's Siloso Beach that opened in September 2023 – is at the centre of these claims. The construction cost of the project ballooned from $4 million to more than $6.1 million due to lack of due diligence and planning. Court documents also noted that the claimants did not have sufficient resources to undertake the construction of Tipsy Unicorn. Despite the fact that Tipsy Collective was 'in financial difficulties and needed monies from shareholders to sustain its operations', Gan and Ong allegedly continued to undertake more projects, the court documents noted. Another alleged mishap flagged in court documents was the group's investment in Tipsy Flamingo Malaysia. The plaintiffs claimed the venture led to a loss of more than $1.3 million. The renewal of leases for underperforming outlets, such as Tipsy Penguin, Tipsy Bunny and Tipsy Flamingo, was also highlighted. These new leases apparently involved higher rents and service charges, further straining the group's finances. The lawsuit further accused Gan and Lim of destroying and withholding company records. Gan allegedly deleted more than 4,000 files from the company's Google Drive and continued accessing company systems without authorisation after his departure. Lim is alleged to have erased nearly 5,000 files and formatted her company-issued laptop, erasing all stored data. Both of them are being held liable for damages linked to the data loss, with the plaintiffs also seeking an injunction to prevent Gan from using any confidential company information that may have been retained. Separately, the Ministry of Law's website showed Gan was declared bankrupt on June 19, in proceedings separate from the civil suit. - The Straits Times/ANN
The Star
12 hours ago
- The Star
MyDigital ID rollout must prioritise trust over compulsion, says think tank
PETALING JAYA: The government must prioritise public trust and voluntary participation over compulsion in implementing the MyDigital ID platform, says a policy think tank amid growing national debate on the digital identity system. Social and Economic Research Initiative (Seri) chairman Dr Helmy Haja Mydin said while MyDigital ID can be transformative for service delivery and governance, rushing into legislation to mandate adoption could backfire before gaining public confidence. "We must never lose sight of the fact that the rakyat's trust is earned, not assumed. Digital identity systems can bring enormous benefits, but only if people believe they are safe, effective, and in their interest. "Compulsion before confidence risks undermining the very system we are trying to build," he said in a statement on Saturday (July 26). Helmy Haja's comments came after the Dewan Rakyat was informed that the government is considering new legislation to accelerate MyDigital ID uptake. Currently, only 2.8 million Malaysians are registered, which is modest relative to the population. He added that other countries have achieved high adoption without legal mandates, largely by offering clear, everyday benefits through user-friendly platforms. Helmy Haja cited India's Aadhaar system, which gained traction because key government services and financial aid were channelled through it, not because it was mandatory. He added that Estonia and Singapore show that with thoughtful implementation, digital ID systems can flourish without mandates, by making them secure, convenient, and visibly beneficial. "Let the rakyat see how MyDigital ID simplifies life, whether it is for accessing subsidies, paying taxes, or interacting with banks. "When digital identity is seen as helpful, people will come on board without being forced," he said. Helmy Haja suggested that to build trust, the platform's purpose must be better communicated, as many Malaysians still do not fully understand how MyDigital ID works or what it offers. He noted that although MyDigital ID has begun integration with certain platforms like MyJPJ and MyBorderPass, broader usage across the digital government ecosystem remains patchy. "For real momentum, MyDigital ID must become a seamless key to unlocking public services, whether it is applying for university admission, accessing financial assistance, or filing taxes," he added. Helmy Haja also said that poor execution could severely damage public trust. He cited the Padu (Pangkalan Data Utama) platform as a cautionary tale, noting that issues with data accuracy, system usability, and inter-agency coordination had hurt its credibility despite high initial expectations. "Every failed or rushed rollout comes at a cost, not just in terms of wasted resources, but in eroding the very trust we need for future reforms to succeed," he said. Helmy Haja added the Home Ministry, which already issues MyKad, could be empowered to oversee MyDigital ID given its central role in identity governance that could help improve security, coordination, and user confidence. He said as Malaysia moves towards a digital-first government, Seri stressed that the goal should not be mass enrolment "at all costs" but rather the creation of a system that people choose to use. Helmy Haja outlined seven key recommendations; avoid premature legislation mandating registration, invest in public awareness and education on the benefits and safeguards of MyDigital ID, ensure system reliability and resilience, integrate meaningful services such as healthcare, education, taxes, and financial aid, enhance inter-ministerial system interoperability, provide opt-outs for non-essential services, and collaborate with civil society and grassroots networks to improve digital literacy and inclusion. He added Malaysia has the opportunity to become a leader in responsible digital governance but reminded that it must be done with care.
