SINGAPORE (Mar 25): China-born businessman Tony Li Hua could be the most prominent casualty of the penny stock crash that nobody has ever heard of. And, unlike most parties who were exposed to shares in Blumont Group, LionGold Corp and Asiasons Capital (now Attilan Group) when they collapsed in October 2013, Li did not walk away entirely empty-handed.

Li and his corporate vehicle Sunmax Global Capital Fund 1 had been constrained from disposing of their holdings of the ill-fated counters between Aug 2, 2012 and Oct 7, 2013 by legal action brought by eight parties, including Quah Su-Ling and Peter Chen Hing Woon. Their claims were eventually struck out, while Li and Sunmax obtained judgement on their counterclaims. As a result, in 2014, Quah, Chen and the other plaintiffs in the case were ordered to pay Li and Sunmax a total of $17.488 million in damages. It is unclear whether the damages were actually paid, though.

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