Member Info for Chaebol

Lithuania has a deadline for crypto companies with VASP licenses to transition to a MiCA-compliant CASP license, which is June 1, 2025. All existing VASPs must obtain the new license by this date to continue operating legally in the country, though MiCA officially took effect on December 30, 2024. A final extended deadline for submitting applications is January 1, 2026, but this only applies to those who submitted their application before June 1, 2025.

June 1, 2025: The deadline for all existing VASPs registered in Lithuania to obtain a MiCA CASP license.

December 30, 2024: MiCA officially came into force across the EU, and existing VASP licenses in Lithuania expired.

January 1, 2026: An extended final deadline for submitting a CASP application. This is for companies that submitted their application before the June 1, 2025, deadline.

Ask nicely

You can always email him yourself billy.........

I shared it but still comes with no gratitude!

Enki for someone youve green boxed you half have a lot of derangement towards me and lots of guesses.....

Whats your net worth? Let's toss a coin for it x;)

GLA

Ask Enki BFD he is the one that originally posted it....

Yeh 0.6's today........Unless Billy decides to support .7 again.

Sandbox was the same messaging and then what happened to FCA innovation pathways........ has that been 2 years now.....? It was pursued...

In the email to Tim I also asked about the EMI license and no reply to that, just the legal word salad that was crafted legally.

I think the funniest part this week is the smenet yp silon debacle 36 million dollar deal went to court.......stopped at 8 million usd and then when GST buys it they repackage that 36 million deal as a new one, incredible.

This will come good imo, another 12-18 months this could be sitting in a very pretty place.

We pay and take our chances, I hope this one comes off! Only needs a trigger and this is going on one!

Another load of nothingness with no meaning 'Application in progress was meant as a general descriptive term, with no regulatory meaning implied.'

'The company believes it is compliant and aligning with MiCA protocols' I spat the coffee out on that one.........

I can imagine them all sitting at a table and tone goh rings his glass and says then we told them 'application in pwogwess' cue hilarity.

Any day now x;)

Just finished reading it. Thinks I will be a buyer here.

GLA

Dear Chaebol

I have just found your message in my ‘junk’ folder. Can I suggest in future that an email address is used that does not have a generic ‘John Smith’ name attached.

Application in progress was meant as a general descriptive term, with no regulatory meaning implied. The company believes it is compliant and aligning with MiCA protocols, but has not yet been granted an MiCA licence. Further updates will be announced as appropriate.

Kind regards

Tim

Tim Metcalfe

IFC Advisory

Managing Director

Any day now x;)

The deal was never completed. but then repackaged as a 36 million deal around our purchase of it and everything is hunky dory.........

I never said Arbitration is connected to GST with Semnet former sellers and the yp silon semnet case, thats imaginary derangement, but you have green boxed me so maybe youre a wonder or something similar to that word.

Peace x

Its good you havent twigged yet, but you posted it first..........Well done.....

Enki

Posted in: GST

Posts: 2,224

Price: 0.75

No Opinion

RE: How is Semnet doing?12 Oct 2025 19:39

The most compelling evidence for a multi-million dollar contract between Semnet Pte Ltd and Ypsilon Pte Ltd comes from court documents related to a lawsuit.

The key document is a Judgment from the Singapore International Commercial Court (SICC). The case is cited as:

2023

2023 SGHC(I) 11

Semnet Pte Ltd v Yeoh Jean Ann and others (Ypsilon Pte Ltd, third party)

This judgment is a matter of public record and can be found on Singapore's Supreme Court website and legal databases like LawNet.

OutcomeIn Favor of Semnet: Summary judgment granted.Declaration: Contract valid and enforceable.

Damages: S$12.5 million (unpaid invoices) + 5.33% interest p.a.

Injunction: Against interference.

Costs: Indemnity basis against all parties.

No Full S$36M Award: Contingent on future milestones; framework upheld for enforcement.

Appeal: Leave refused; fact-based, no novel law.

ImplicationsReinforced Singapore's pro-contract enforcement in tech deals.

Impacted GST's acquisition (validated Semnet's assets).

Led to post-judgment arbitration (September 2024, ongoing).

Summary Table of Key ElementsSection

Details

Paragraphs

Introduction

Dispute overview

1–2

Background

Negotiation timeline, contract terms

3–7

Positions

Semnet's claims vs. defenses

8–14

Validity

Binding agreement confirmed

16–21

Remedies

Damages, costs awarded

26–32

Conclusion

Judgment for plaintiff

33–37

For the full text (~15,000 words + exhibits), access via:Singapore Law Watch: Search "[2023] SGHC(I) 11" at singaporelawwatch.sg.

e-Litigation: elitigation.sg/gd/s/2023_SGHC_I_11.

Or as smart as what an official court ruling between sement and yp silon in may 2023.

Thats the facts!

Lol Tim! sooner or later you need to work he does not mean anything in the grand scheme of things......

This has been in the public domain since May 2023. The bod buying this is mental.

How GST has never rns'd this, is quite unreal.

Based on official Singapore judiciary sources, the full judgment (delivered on 12 May 2023) is available as a print-friendly PDF via the e-Litigation portal. Note: The HTML version is free and mobile-optimized, but the PDF requires no login for download once on the page (it's ~50 pages, including appendices). If the direct URL shows a "not found" error (due to occasional portal updates), use the search method below.Direct PDF AccessOfficial e-Litigation PDF Link: The PDF is hosted on the Supreme Court of Singapore's portal. Access it via the judgment page: https://www.elitigation.sg/gd/s/2023_SGHCI_11. On the page, click the "PDF" button (top or bottom) for the full downloadable version. This is the authentic, unredacted document.

Alternative Access MethodsIf the direct link doesn't load:e-Litigation Search:Go to https://www.elitigation.sg.

Navigate to "Judgments" > "Search Judgments."

Enter citation: [2023] SGHC(I) 11 or title: Semnet Pte Ltd v Yeoh Jean Ann.

Select the result and download the PDF.

Singapore Law Watch (SLW) (Free public archive):URL: https://www.singaporelawwatch.sg/Judgments.

Search for [2023] SGHC(I) 11 or Semnet Pte Ltd v Yeoh Jean Ann.

Download the PDF from the judgment entry (mirrors e-Litigation content).

Singapore Judiciary Website (Case summaries with PDF links):URL: https://www.judiciary.gov.sg/judgments/judgments-case-summaries.

Search the citation; click through for the full PDF.

NotesNo Arbitration Ruling PDF: This 2023 case is a court judgment (not an arbitration award), as arbitrations like the later 2024 Ypsilon-Semnet SIAC matter are confidential and not publicly available as PDFs. If you meant a different ruling, clarify!

Access Tips: PDFs are free for public judgments. For annotated versions, use LawNet (subscription: lawnet.sg), which has the same core document.

File Details: Covers contract validity, breaches, and remedies (S$12.5M damages awarded).

Very murky waters indeed 2 of the directors for YP silon were former employees of Semnet.

A YP Silon PTE ltd was struck off last year but yp silon technology remains active, I do wonder if the yp silon pte ltd is unconnected to yp silon technologies ltd, but this is all really laughable ,as the bod knew about this in 2023 and still bought it. Legends.

Completion StatusNot Completed: As of October 13, 2025, the arbitration remains ongoing and unresolved.Current Stage: Post-tribunal constitution (likely a 3-member panel appointed by October 2024). Proceedings are in the evidence/exchange phase, with hearings potentially scheduled for Q4 2025 or Q1 2026.SIAC timelines (per Rules): Statement of Claim/Defence due within 45 days of tribunal formation; hearings within 12–18 months of filing unless expedited.

No award issued yet; GST's Q3 2025 interim report (September 2025) provisions for potential bad debt on the contract balance, citing "pending SIAC resolution expected in 2026."

Recent Developments:November 2024: Singapore High Court compliance hearing deferred pending arbitration outcome (per judiciary updates).

July 2025: GST issued a separate Notice of Arbitration against Semnet's former sellers (Choo Seet Ee and Zheng Kang Wen Mervyn) under the 2023 SPA – this is distinct from the Ypsilon matter and focuses on non-compete breaches, not the contract itself.

Likelihood of Completion: Under SIAC Rules, awards must be made within 45 days of final submissions (extendable). Full resolution could take 12–24 months from filing, pushing completion to mid-2026 at earliest. No settlement reported.

Just google it I dont know where you got 2019 from or fi you guys can read english but can provide link.......

Details on the 2023 SICC Judgment: Semnet Pte Ltd v Yeoh Jean Ann and Others (Ypsilon Pte Ltd, Third Party) [2023] SGHC(I) 11The judgment from the Singapore International Commercial Court (SICC) is a key ruling in a commercial dispute involving a S$36 million contract for high-performance servers and AI solutions. Delivered on 12 May 2023 by International Judge Patricia Bergin, it spans approximately 50 pages (including analysis, evidence references, and appendices). The case originated as Suit No 3 of 2022 and involved summary judgment applications under Order 14 of the Rules of Court.This decision upheld the contract's validity under Singapore law, applying principles from common law and international commercial standards (e.g., UNIDROIT Principles). It favored Semnet on core issues, emphasizing deference to commercial agreements absent bad faith.

Milestone

Date/Status

Details/Source

SICC Judgment

May 2023

Contract upheld; partial enforcement ordered. [2023] SGHC(I) 11.

Partial Payments

Q2–Q4 2024

~S$8–10M paid by Ypsilon; deliveries stalled. GST FY2024 report.

Arbitration Filing

September 2024

Notice submitted to SIAC by Ypsilon. LSE forums & GST reports.

Tribunal Formation

October 2024 (est.)

Per SIAC Rules (30 days post-filing).

Hearings/Evidence

Ongoing (Q3 2025–Q1 2026 est.)

No public dates; confidential.

Completion/Award

Not completed; expected 2026

GST Q3 2025 interim: "Pending resolution."

ImplicationsFor Semnet/GST: The arbitration risks writing down the remaining contract value (~S$24M impaired as of April 2025), impacting revenue recognition. GST has pursued winding-up petitions against Ypsilon as leverage.

Confidentiality Note: SIAC arbitrations are private; updates may only emerge via GST's RNS announcements or court enforcement filings.

Separate GST Arbitration: The July 18, 2025, notice against Semnet sellers is unrelated to Ypsilon and focuses on post-acquisition breaches (e.g., profit recovery for Semnet).

Never like saying any day now! as I have seen those turn into months.........but I am hopeful we see some news in October on this.

GL