The Singapore High Court on Monday even allowed another bank, 21st Century Healthcare, to remove KCP as the claim.
According to court records, 21st Century Healthcare is owed about S$ 954, 000 by Qoo10. Different lenders include SCI Ecommerce, Shenzhen Lanmey Industries and Intrepid E-commerce service.
” There is an immediate need to equip a liquidator to do investigations into Qoo10’s politics”, argued KCP’s doctors in court documents.
There are compelling indications that Qoo10’s control acted improperly, which contributed to its economic woes.
The Monetary Authority of Singapore ( MAS ) and other government agencies received a number of customer complaints about Qoo10’s processing of payments from merchants who use the platform.
In the middle of September, Qoo10 informed MAS that a sizable number of retailers may experience transaction delays, which caused the power to dismiss all of Singapore’s payment services.
MAS said the expulsion does not prevent Qoo10 from operating its e-commerce system. Consumers may not be able to produce any payments on the website because there were at the time no other payment options.