Honestbee is investigating its former executives
While its workforce is being cut and its supermarket is being closed, Honestbee is seeking legal consultations and is preparing to file a lawsuit against its former Chief Executive Officer Joel Sng and former director Jeffrey Wong. They are accused of breaching fiduciary duties.
The startup has launched the investigation into the actions of the executives on their posts. Honestbee is suspicious of certain transactions and activities of the executives. Three cases are especially suspicious.
In 2015, Sng has bought a private house in Japan - not for the company, but for himself. He ordered the company to cover the acquisition and maintenance. Honestbee lost over US$1.1 million and did not receive any dividends or advantages from the purchase. The house remains private and did not host any corporate events.
In 2013 Wong and Sng have launched The Cub SG Pte Ltd - their own private company. Four years later, their company rented a place in the same facility that Honestbee previously worked in. Honestbee continued to cover the rent of the other company, losing over US$422 000.
In 2017 Sng has also launched PayNow Pte Ltd, reportedly planning to create an electronic payments service. Honestbee later acquired the project for US$5 million. The acquisition has reportedly been initiated by Sng.