Asia-Pacific Strategic Investment (SGX:5RA) will no longer proceed with its planned crypto and blockchain investment in Timor-Leste following a settlement agreement with Giant Venture Group.
The company agreed to return Giant Venture's $8 million investment in two tranches, with the first tranche already refunded, according to a Monday filing with the Singapore Exchange.
The development comes after the investor reached out to a non-executive director to complain about unremitted funds worth $4 million, prompting the director to file a police report.
The police questioned Choo Yeow Ming, the company's chief executive and chairman, about the proposed Timor-Leste business. This led to the parties settling for the return of funds.
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