Joel Sng
{{Short description|Singaporean entrepreneur and businessman}}
Joel Sng Zhiwei{{cite news|url=https://www.elitigation.sg/gd/s/2021_SGHC_166|title=[2021] SGHC 166|last=High Court of Singapore|access-date=18 Nov 2023}} (born {{circa}} 1983){{cite news|url=https://www.harpersbazaar.com.sg/gallery/15-singapore-trailblazers-who-have-set-the-bar-sky-high/|title=15 Young Singaporean Trailblazers Who Have Set The Bar Sky-High|last=Nila|first=Allyshia|newspaper=Harper's Bazaar|date=30 May 2018}} is a Singaporean entrepreneur and businessman. He co-founded the online grocery and food delivery service Honestbee and was its chief executive officer from March 2015 to May 2019.
Career
In December 2014,{{cite news|newspaper=Business Times|url=https://www.businesstimes.com.sg/focus/magazines/the-sme-magazine-mayjune-2016/delivering-the-goods-for-busybees|first=Vivien|last=Shiao|title=Delivering the goods for busybees|date=4 May 2016}} Sng founded the startup company Honestbee, an online grocery and food delivery service, together with Jonathan Low and Isaac Tay.{{cite news|newspaper=Today|url=https://www.todayonline.com/singapore/after-leaving-honestbee-entrepreneur-isaac-tay-hopes-make-buzz-comedy-scene|title=After leaving Honestbee, entrepreneur Isaac Tay hopes to make a buzz in the comedy scene|date=12 August 2019|last=Elangovan|first=Navene}} He started serving as the company's chief executive officer in March 2015.{{cite news|url=https://www.todayonline.com/singapore/honestbee-says-it-taking-legal-action-against-ex-ceo-director-over-alleged-numerous|title=Honestbee taking legal action against ex-CEO, former director over alleged 'numerous irregularities'|date=24 March 2020|first=Janice|last=Lim|newspaper=Today}}
In May 2019, Sng was dismissed as CEO.{{cite news|url=https://www.straitstimes.com/business/companies-markets/honestbee-fired-ceo-joel-sng-says-report-start-up-to-make-statement-today|title=Honestbee fired CEO Joel Sng, says report; start-up to make statement today|date=2 May 2019|newspaper=The Straits Times}} A day before his dismissal, he had reportedly sent an email to all Honestbee staff stating that "I am not an abandon ship person and I will never leave the company to be rudderless."{{cite news|date=25 October 2019|first=Zafirah|last=Salim|newspaper=Vulcan Post|url=https://vulcanpost.com/679033/honestbee-ex-ceo-joel-sng-handover-email/|title=EXCLUSIVE: Honestbee Ex-CEO Joel Sng's Handover Email To Brian Koo Leaked}}
Following Sng's departure, early Honestbee backer Brian Koo became acting CEO.{{cite news|url=https://tnp.straitstimes.com/news/business/honestbee-co-founder-joel-sng-resigns|title=Honestbee co-founder Joel Sng resigns|date=3 May 2019|first=Cheng Wei|last=Aw|newspaper=The New Paper}} Sng was also the director of Sun Group Capital, which was founded in 2011 and had S$10 in capital.{{cite news|newspaper=Tech in Asia|url=https://www.techinasia.com/honestbee-founders-biggest-lie-web-deception|title=Honestbee founder's biggest lie in a web of deceit|date=14 April 2020|first=Terence|last=Lee}} {{closed access}}
Legal issues
In August 2019, Honestbee creditor Benjamin Lim sued Sng for $3.8 million in damages, although the matter was later settled out of court.{{cite news|newspaper=Business Times|url=https://www.businesstimes.com.sg/garage/news/honestbee-creditor-benjamin-lim-applies-to-wind-up-company|title=honestbee creditor Benjamin Lim applies to wind up company|date=7 April 2020|first=Sharanya|last=Pillai}} In March 2020, Honestbee filed a lawsuit against Sng for an "alleged breach of fiduciary duties", including purchasing a house in Japan using company funds and incorporating a sham company called PayNow that Honestbee subsequently bought over.
In June 2021, the High Court of Singapore awarded $5.1 million in damages to South Korean brokerage Mirae Asset Daewoo after Sng allegedly failed to deliver Honestbee shares that they had purchased.{{cite news|date=1 July 2021|first=Sharanya|last=Pillai|newspaper=Business Times|url=https://www.businesstimes.com.sg/garage/mirae-asset-daewoo-awarded-us51m-claim-against-ex-honestbee-ceo-joel-sng|title=Mirae Asset Daewoo awarded US$5.1m claim against ex-honestbee CEO Joel Sng}} {{closed access}} On 23 May 2022, Sng was issued a bankruptcy order by the High Court.{{cite news|date=9 September 2022|first=Claudia|last=Chong|newspaper=Business Times|url=https://www.businesstimes.com.sg/garage/former-honestbee-ceo-declared-bankrupt|title=Former honestbee CEO declared bankrupt}} {{closed access}}
References
{{Reflist}}
{{DEFAULTSORT:Sng, Joel}}