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SINGAPORE<\/span><\/span>, Dec. 7, 2022<\/span><\/span> \/PRNewswire\/ — Singapore<\/span>-based global digital financial company BTHMB Holdings has won a civil suit filed in June 2019<\/span> against its former managing director, Dr. Kim Byung-Gun<\/span> for USD17 Million<\/span><\/b>.<\/p>\n Dr. Kim, a prominent Singaporean plastic surgeon who is a founder and director of BK Hospital and BK Medical Group in Singapore<\/span>, is also a blockchain investor who operates the Initial Coin Offering (ICO) platform by issuing ICC coins in Singapore<\/span> in late 2018.<\/p>\n This year, the Singapore<\/span> court has ruled for Dr. Kim to pay to BTHMB, a Singapore<\/span> company, USD17,166,912.76<\/span> as sale proceeds of BTHMB-issued BXA Coin.<\/p>\n BTHMB is a global digital financial company based in Singapore. In 2018, it was widely reported that Dr. Kim had agreed to acquire, through various corporate transaction documents and corporate vehicles, a majority shareholding in Bithumb Korea Co Ltd which owns the biggest cryptocurrency exchange in Korea, the Bithumb Exchange.<\/p>\n As part of the acquisition, BTHMB was to raise equity and sell BTHMB-issued BXA Coins. Dr. Kim was also separately required to transfer the full sale proceeds of the BXA Coin in his possession to BTHMB, but failed to do so despite repeated requests by BTHMB.<\/p>\n Ownership of BXA Coins <\/b><\/p>\n In a judgment published in August 2022<\/span> concerning BTHMB’s claim for the BXA Coin sale proceeds held by Dr Kim, the Singapore High Court rejected Dr. Kim’s defences for failing to account for and transfer the BXA Coin sale proceeds to BTHMB. Amongst others, the Judge found that under the contractual and company documents, Dr Kim did not own the BXA Coins that were sold and consequently the sale proceeds held by him. The BXA Coins had also not been gifted to Dr Kim for free.<\/p>\n As regards Dr Kim’s allegations of being a victim of fraud perpetrated by one Mr JH Lee, the former chairman of Bithumb Korea Co Ltd’s parent company (Bithumb Holdings Ltd), the Judge not only found the allegations to be unpleaded but also “irrelevant<\/i>” to the issues between BTHMB and Dr Kim.<\/p>\n