SINGAPORE (June 7): Investment holding company Innopac Holdings has received a letter of demand from Saxo Bank.

In a June 1 letter of demand from law firm Rajah & Tann Singapore, Saxo Bank is seeking a payment of approximately $14.7 million from Innopac to settle the negative account balances under the accounts maintained by its subsidiaries, Heritage Investment Corporation and Wang Da Investment.

Although the negative account balances were incurred by the subsidiaries without any guarantee by the company, Saxo Bank is alleging Innopac is liable for the claim based on a Memorandum of Understanding signed on Dec 24 2013.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook