Dear Sir / Ma’am,
Scheme Manager’s Application to Court for Alternative Distribution Method
Please be informed that the Scheme Manager of Defi Payments Pte Ltd has taken out an application in the High Court of Singapore (the “Singapore Court”) for approval of an Alternative Distribution method for the Second Distribution vide HC/OC 1164/2025 (the “Application”).
During a registrar’s case conference that took place on 28 October 2025, the Singapore Court gave the following directions in respect of the Application:
∙ 4 November 2025 at 4pm SGT: the Scheme Manager is to file his supplementary affidavit in the Singapore Court by 4 November 2025 at 4pm SGT, and provide a copy of the same as soon as practicable to all who may be affected by the orders sought in the Application via email;
∙ 14 November 2025 at 4pm SGT: any response to the Application, the Scheme Manager’s affidavit and/or supplementary affidavit, shall be made by way of an affidavit to be filed in the Singapore Court and served on Setia Law LLC (the Scheme Manager’s lawyers) by 14 November 2025 at 4pm SGT. Copies of these affidavits shall be made available by the Scheme Manager, as soon as practicable, to all who may be affected by the orders sought in the Application via email.
Please take notice that the Singapore Court has also directed that all persons who wish to respond to the Application are to do so only by way of affidavit filed via e-Litigation, and any email or such other correspondence from persons affected by the orders sought in the Application will not be considered by the court.
∙ 21 November 2025 at 4pm SGT: the Scheme Manager is to file his reply affidavit in the Singapore Court by 21 November 2025 at 4pm SGT, and provide a copy of the same, as soon as practicable, to all who may be affected by the orders sought in the Application via email;
∙ 28 November 2025 at 4pm SGT: Anyone who wishes to file written submissions and hearing bundles are to do so in the Singapore Court, and serve copies of the same on Setia Law LLC by 28 November 2025 at 4pm SGT. The written submissions are to be limited to 35 pages (including cover page and index) for the Scheme Manager, and 25 pages (including cover page and index) for anyone else who wishes to file written submissions. Copies of all written submissions shall be made available by the Scheme Manager, as soon as practicable, to all who may be affected by the orders sought in the Application via email; and
∙ 4 December 2025 at 2:30pm SGT: The hearing of the Application is to take place on 4 December 2025 at 2:30 PM SGT in the Singapore Court before the Honourable Justice Aidan Xu @ Aedit Abdullah.
The Scheme Manager has been providing email updates as well as the court papers filed in the Application to all parties listed in his contact database who have an interest in the matter.
If you have an interest in the matter but have not received any updates in respect of the Application from the Scheme Manager, please contact the Scheme Manager immediately at [email protected].
Kind regards,
Jason Aleksander Kardachi
Scheme Manager and Director of Defi Payments Pte Ltd