The founders of online mattress retailer Sleeping Duck have seen off legal claims from their largest investor, venture capitalist Adir Shiffman, who had taken the company’s founders to court alleging he had been frozen out and “oppressed”.
Selvam Sinnappan and Winston Wijeyeratne co-founded Sleeping Duck and have a fortune of $170 million each, according to the Financial Review Young Rich List. Documents filed with the Supreme Court of Victoria show Dr Shiffman invested a $100,000 in 2017 for a 10 per cent stake and an option to acquire another 10 per cent. He claimed a condition of the investment was that he be given a major say in the group.