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SINGAPORE – Instead of using $2 million that an investor had injected into her skincare companies as working capital, aesthetics doctor Georgia Lee turned the funds into loans and secretly profited by earning interest on them.
In a written judgment released on Tuesday (Sept 24), the High Court found that Dr Lee had put herself in a conflict of interest and breached her fiduciary duties to movie and TV producer Anita Hatta, who had invested the money in exchange for a 5 per cent stake in the skincare companies.
However, the court dismissed Ms Hatta’s claims that Dr Lee had misled her into investing the $2 million by painting a rosy picture of her skincare business, which in fact had been making losses.
Ms Hatta contended that Dr Lee claimed to have invested about $14 million in the companies, that sales had exceeded $5 million, and that the companies were worth $40 million. Dr Lee denied making the representations.
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