ZICO Holdings Inc. (SG:40W) has released an update.
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ZICO Holdings Inc. has announced that its subsidiary, ZICO Trust, is facing litigation for allegedly mishandling funds of over S$12 million. The claim, filed in the High Court of Singapore, asserts that ZICO Trust and two unrelated defendants are jointly liable, which ZICO Trust firmly denies and intends to defend against. The company does not anticipate any significant financial impact from the lawsuit on its ongoing business operations or future prospects.
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