Justice Teh Hwee Hwee ordered the company to fulfil its contractual obligations by repurchasing luxury watches for the $2.5 million it had offered the investors.
The Hong Kong-registered company, named The WatchFund, uses money from investors to buy luxury watches, which are then held by the investors.
Its agreement with the five investors was that the company would repurchase the watches within a year to sell them at a profit to other buyers.
Mr Ben Wong, Dr Edmund Liew, Mr Gary Wong, Mr Wong Nga Kok and finance company MCA had sued The WatchFund and Mr Khoo in 2021 after the company cancelled its offers to repurchase the 15 watches that the investors had paid for.
MCA also sued on behalf of a sixth investor, Ms Yung Choi Ha, and won nominal damages from The WatchFund.
In a written judgment on April 30, the High Court found The WatchFund to be in breach of contract, but it dismissed the plaintiffs' claims for misrepresentation.
The plaintiffs had claimed in their suit that Mr Khoo had said the watches were bought at less than 50 per cent of recommended retail prices, but the value of the pieces was in fact lower than the amount they invested.
Denne historien er fra May 07, 2024-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra May 07, 2024-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
THE NEW BERNABEU A REAL PROBLEM
Locals and neighbourhood residents hate noise from concerts and construction work
Japan seek to beat the heat and Saudi Arabia
HONG KONG - Japan face second-placed Saudi Arabia in Group C of Asia's third round of World Cup qualifiers in Jeddah on Oct 10, looking to continue their prolific start as top-of-the-table clashes take centre stage across the continent.
Police investigating Spanish pair over protests in S'pore
A Spanish man and woman in their 30s are assisting the police with investigations after photos appeared on social media of the man holding a banner in various parts of Singapore to protest against Singaporean business magnate Peter Lim, who owns Spanish top-tier football club Valencia.
FROM SAUDI SPLURGE TO SPENDING SLUMP
Football transfer outlay drops in 2024 as officials assess the commercial returns
Future looks bright for America's Cup: Ainslie
BARCELONA - Sailing has a great opportunity to develop as a sport if the America's Cup can involve more frequent events and evolve the boats now being raced, according to British skipper Ben Ainslie.
Sport can be 'solution multiplier' for climate
LONDON – Sports clubs and organisations must raise their game and become leaders in the battle to prevent catastrophic climate change, Sport England chairman Chris Boardman said on Oct 8.
SINNER TO BE GIVEN NO QUARTER
Medvedev vows to put up a better fight against world No. 1 in Shanghai last eight
Ryder Cup captains won't exclude LIV Golf players
NEW YORK - Ryder Cup captains Keegan Bradley and Luke Donald said on Oct 8 that they will not shy away from including LIV Golf players in their respective teams for the 2025 biennial showdown between the United States and Europe.
MISTY SWIFT EARNS EVEN MORE FANS AT TRIALS
Ex-Kranji runner No More Delay also struts his stuff at hit-outs
MediShield Life can be made more effective. Its review holds the key
We must incentivise outpatient treatment and accept that, in some cases, personalised medicine can save lives.