PARASTATE LABS, INC. v WANG LI & 3 Ors

[2023] SGHC 153 High Court (General Division) 26 May 2023 HC/OC 130/2022 ( HC/SUM 2564/2022 )

5 cases cited (3 SG, 2 foreign) Cited by 3 cases

Key facts

Court	High Court (General Division)
Decided	26 May 2023
Judge	Andre Maniam
Charges / claim	Civil Procedure
Counsel	Allen & Gledhill LLP, Breakpoint LLC, FC Legal Asia LLC, Remy Choo Chambers LLC, Ang Ann Liang, Carol Yuen, Choo Zheng Xi, Chu Hua Yi, Darius Chan, Foo Maw Shen, Mark Tan, Michael Chan, Yeoh Tze Ning

Source: [2023] SGHC 153, High Court (General Division), decided 26 May 2023 — eLitigation. Updated 10 July 2026.

Catchwords

Civil Procedure — Mareva injunctions — quantum of Mareva injunction

Practice Areas

Civil Procedure

Judges (1)

Andre Maniam Delivered

Counsel (13)

Allen & Gledhill LLP Firm Breakpoint LLC Firm FC Legal Asia LLC Firm Remy Choo Chambers LLC Firm Ang Ann Liang Counsel for the defendant

Carol Yuen Counsel for the defendant

Choo Zheng Xi Counsel for the defendant Chu Hua Yi Counsel for the claimant Darius Chan Counsel for the defendant Foo Maw Shen Counsel for the claimant Mark Tan Counsel for the claimant Michael Chan Counsel for the defendant Yeoh Tze Ning Counsel for the defendant

Parties (5)

Babel Asia Asset Management Private Limited Defendant Babel Holding Limited Defendant Parastate Labs Inc Claimant Wang Li Defendant Yang Zhou Defendant

Case Significance

Parastate Labs Inc v Wang Li and others [2023] SGHC 153 is a grounds of decision of Andre Maniam J in the General Division of the High Court, delivered on 26 May 2023 in Originating Claim No 130 of 2022 (Summons No 2564 of 2022). Parastate Labs Inc, which had invested in the Babel Quant Alpha USDT Fund managed by a cryptocurrency provider trading as "Babel Finance", obtained a worldwide Mareva injunction against the first defendant, Mr Wang. Because Parastate's evidence of its ability to meet its undertaking as to damages was unsatisfactory, Andre Maniam J set the quantum of the Mareva injunction at US$2.5m, half of the US$5m Parastate had applied to injunct. Parastate has appealed against that decision in CA/CA 16/2023.

Summary

Parastate Labs Inc, which had invested US$5m in cryptocurrency into a fund managed by Babel Finance, obtained a worldwide Mareva injunction against Mr Wang, a co-founder of Babel Holding. Because Parastate's evidence of its ability to meet its undertaking as to damages was unsatisfactory, the court set the quantum of the injunction at US$2.5m rather than the full US$5m sought. These grounds explained that decision, against which Parastate had appealed.

What did the court decide in Parastate Labs Inc v Wang Li [2023] SGHC 153?

Andre Maniam J granted Parastate Labs Inc a worldwide Mareva injunction against the first defendant, Mr Wang, but set its quantum at US$2.5m, half of the US$5m sought, because Parastate's evidence on its undertaking as to damages was unsatisfactory. Delivered 26 May 2023.

What was the underlying dispute in Parastate Labs Inc v Wang Li [2023] SGHC 153?

Parastate Labs Inc had invested in the Babel Quant Alpha USDT Fund managed by a cryptocurrency financial services provider trading as "Babel Finance", contracting with the third defendant Babel Asia. It sought a Mareva injunction against Mr Wang, a co-founder of Babel Holding.