SMCP secures victory in Singapore over share dispute

A Singapore High Court has ruled for a shareholder of SMCP to return its stake in the French luxury group to its majority owners. Dynamic Treasure Group Ltd (DTG) has been ordered to return its 15.5 percent stake in SMCP to European TopSoho (ETS), which had defaulted on its bonds in 2021, passing the majority shareholding to a consortium of bondholders.

The stake currently held by DTG had been quietly transferred to the firm in 2021 by ETS, owned by SMCP’s former chairman, Yafu Qiu, who is also the head of ETS’ parent company Shandong Ruyi. Following the transfer, an investigation into the proceedings found that DTG was run by Qiu’s daughter, Chenran Qiu.

The sale of the shares was contested by Glas, the consortium of bondholders that hold 29 percent of the company’s capital. They claimed the transfer of shares was not properly declared and SMCP’s board were unaware of who was the beneficial owner of the stake. As a result, ETS and DTG were fined 1.7 million euros back in June 2025 for breaching their reporting obligations and issuing allegedly misleading data.

British courts had already ruled the sale null in September 2024, with the proceedings then transferred to Singapore, where the shares are currently held. Courts here have now also ruled in favour of Glas, however, DTG has the option to appeal the decision and postpone the returning of shares.

At the moment, DTG is required to comply with the Singaporean court’s current order within one week. Glas, meanwhile, intends to sell its stake in SMCP, with the return of the 15.5 percent holding to allow them to do so.