TWG founder in tussle with major shareholder OSIM
SINGAPORE – The founder of luxury tea company TWG has filed a lawsuit against majority shareholder OSIM International, alleging the Singapore lifestyle firm and some of its directors had conspired to dilute his stake in the firm he built up.
SINGAPORE – The founder of luxury tea company TWG has filed a lawsuit against majority shareholder OSIM International, alleging the Singapore lifestyle firm and some of its directors had conspired to dilute his stake in the firm he built up.
Mr Manoj Murjani and his company The Wellness Group have asked the Singapore High Court to reverse recent corporate developments at TWG Tea Company that had resulted in OSIM raising its stake in TWG Tea to 70 per cent from 53.7 per cent.
Besides OSIM, Mr Murjani is also suing several individuals including OSIM founder Ron Sim and TWG Tea’s other founder Taha Bou Qdib.
OSIM acknowledged receipt of the lawsuit on Monday but said the allegations were “unmeritorious and groundless”.
OSIM, which is best known for its massage chairs, first invested in TWG Tea in April 2011. It paid S$31.36 million for a 35 per cent stake at that time. Channel NewsAsia
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