Dear Tribe! 🙏
As we shared last week, the Singapore Court has declined Zettai’s application in HC/SUM 940/2025 (“SUM 940”) for the Court’s sanction of Zettai’s proposed Scheme. While we understand this news may bring disappointment to our supporters, we want to reassure you that this is not the end of the road for Zettai. We remain steadfast in our commitment to finding the best possible resolution for all our creditors. Zettai is actively in discussion with its advisors on its next steps in accordance with Singapore’s legal framework.
The first of these steps was to expeditiously file a request for further arguments to the Court, as we had updated all users on 6 June 2025. This request is made to the same Judge that heard and decided SUM 940. In accordance with Singapore’s legal framework, the Court is to inform the requesting party within 14 days after receiving the request whether the Judge requires further arguments. In the event that the Judge requires further arguments, the Court may make any other directions as it deems fit, which may include Zettai having to file further written submissions containing its further arguments and appearing before the Court for further arguments. We will continue to keep users updated on the progress of this request.
In the meantime, Zettai and its advisors are actively exploring parallel options at Zettai’s disposal in the event that the Court does not alter its decision to dismiss SUM 940. These other legal options include possibly filing an appeal against the decision in SUM 940. We will continue to discuss and evaluate the possible options before us, and we will do our best to arrive at a viable solution.
The official transcription of the hearing on 4 June 2025 from the Court has been shared with all users on 10th June 2025. However, please note that the Court has also stated that its decision at the hearing on 4 June 2025 was not its exhaustive grounds. Hence, as the full grounds of the Court’s decision have not yet been furnished, and the matter is still under judicial consideration, we would urge users to refrain from speculating on the Court’s full decision. Zettai respects the Court’s decision and wishes to uphold the legal process as it considers its options.
We deeply appreciate your continued patience and support. We are fully committed to keeping you informed of any updates as we progress through this challenging period 🙏
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