BTHMB HOLDINGS PTE. LTD. v KIM BYUNG GUN
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Case Significance
BTHMB Holdings Pte Ltd v Kim Byung Gun [2024] SGHC 197 was a decision of the General Division of the High Court delivered by Andre Maniam J on 2 August 2024, in Suit No 629 of 2019 (Summons No 4105 of 2022), following hearings in November 2023 and May 2024. It addressed remedies by way of account and questions of indemnity costs and a certificate of costs for three solicitors. The plaintiff, BTHMB Holdings Pte Ltd, was represented by Allen & Gledhill LLC, including Jason Chan Tai-Hui; the defendant, Kim Byung Gun, was represented by TSMP Law Corporation, including Thio Shen Yi.
The judgment explained that in an earlier decision, BTHMB Holdings Pte Ltd v Kim Byung Gun [2023] 4 SLR 449, the defendant ("Dr Kim") had been ordered to provide an account to BTHMB of what became of US$22,596,913.76 in proceeds from the sale of BXA Coin cryptocurrency that he had been entrusted with. This decision addressed whether Dr Kim had since provided a proper account. The earlier judgment had recorded that Dr Kim relied on an expert tracing opinion that US$18,490,836.92 of the sale proceeds had been paid to BTHMB as part of the Defence Transactions, leaving a shortfall of US$4,106,076.84 still to be accounted for.
Summary
Following an earlier order that Dr Kim Byung Gun provide BTHMB Holdings Pte Ltd with an account of what became of US$22,596,913.76 in proceeds from the sale of BXA Coin cryptocurrency he had been entrusted with, the General Division of the High Court considered whether he had provided a proper account, with BTHMB seeking a declaration of breach and indemnity costs with a certificate for three solicitors. The court declared that Dr Kim had not provided a proper, complete and accurate account of what became of the sale proceeds. It held BTHMB entitled to costs on an indemnity basis, granted a certificate of costs for three solicitors, and ordered Dr Kim to pay costs of S$245,000 and disbursements of S$56,395.37.
What was BTHMB Holdings v Kim Byung Gun [2024] SGHC 197 about?
BTHMB Holdings Pte Ltd v Kim Byung Gun [2024] SGHC 197, decided by Andre Maniam J on 2 August 2024, addressed whether the defendant Dr Kim had provided a proper account of US$22,596,913.76 in BXA Coin cryptocurrency sale proceeds, alongside questions of indemnity costs and costs for three solicitors.
What was the shortfall in the account in [2024] SGHC 197?
Following the earlier judgment ([2023] 4 SLR 449), Dr Kim relied on an expert opinion that US$18,490,836.92 of the BXA Coin sale proceeds was paid to BTHMB, leaving a shortfall of US$4,106,076.84 from the entrusted US$22,596,913.76 still to be accounted for.
Cases Cited (6)
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Judgment
Read the full judgment on the official Singapore Courts portal.
Read on eLitigationSource: eLitigation ([2024] SGHC 197)