Joel Sng

Joel Sng (born c. 1983)[1] 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,[2] Sng founded the startup company Honestbee, an online grocery and food delivery service, together with Jonathan Low and Isaac Tay.[3] He started serving as the company's chief executive officer in March 2015.[4]

In May 2019, Sng was dismissed as CEO.[5] 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."[6]

Following Sng's departure, early Honestbee backer Brian Koo became acting CEO.[7] Sng was also the director of Sun Group Capital, which was founded in 2011 and had S$10 in capital.[8]

In August 2019, Honestbee creditor Benjamin Lim sued Sng for $3.8 million in damages, although the matter was later settled out of court.[9] 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.[4]

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.[10] On 23 May 2022, Sng was issued a bankruptcy order by the High Court.[11]

References
  1. Nila, Allyshia (30 May 2018). "15 Young Singaporean Trailblazers Who Have Set The Bar Sky-High". Harper's Bazaar.
  2. Shiao, Vivien (4 May 2016). "Delivering the goods for busybees". Business Times.
  3. Elangovan, Navene (12 August 2019). "After leaving Honestbee, entrepreneur Isaac Tay hopes to make a buzz in the comedy scene". Today.
  4. Lim, Janice (24 March 2020). "Honestbee taking legal action against ex-CEO, former director over alleged 'numerous irregularities'". Today.
  5. "Honestbee fired CEO Joel Sng, says report; start-up to make statement today". The Straits Times. 2 May 2019.
  6. Salim, Zafirah (25 October 2019). "EXCLUSIVE: Honestbee Ex-CEO Joel Sng's Handover Email To Brian Koo Leaked". Vulcan Post.
  7. Aw, Cheng Wei (3 May 2019). "Honestbee co-founder Joel Sng resigns". The New Paper.
  8. Lee, Terence (14 April 2020). "Honestbee founder's biggest lie in a web of deceit". Tech in Asia. closed access
  9. Pillai, Sharanya (7 April 2020). "honestbee creditor Benjamin Lim applies to wind up company". Business Times.
  10. Pillai, Sharanya (1 July 2021). "Mirae Asset Daewoo awarded US$5.1m claim against ex-honestbee CEO Joel Sng". Business Times. closed access
  11. Chong, Claudia (9 September 2022). "Former honestbee CEO declared bankrupt". Business Times. closed access
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