letter of demand

JEP gets letter of demand for outstanding payment of US$0.2 mil

SINGAPORE (June 13): JEP Holdings says wholly-owned subsidiary JEP Industrates has received a letter of demand dated June 7, 2019, by solicitors acting for South Korea-based YG-1 Co.

The letter of demand requests for the payment of US$219,284.25 ($298,500) in relation to outstanding payables amount for shipment made in 2016.

JEP is currently seeking legal advice from its solicitors on the implications of the YG-1 Claim.

The group says that this claim amount will not materially nor adversely affect its financial position taken as a whole.

Sino Grandness to service $28.7 mil debt using dividends from China

SINGAPORE (Feb 7): Sino Grandness Food Industry Group says it is currently preparing to repatriate funds back from China, by way of dividend, amid ongoing negotiations with Soleado Holdings to extend the repayment of $28.7 million owed.

To recap, Soleado Holdings is demanding Sino Grandness pays an outstanding loan principal amount of US$21.2 million ($28.7 million) and $30,000 in interest and legal fees.

Innopac hit with letter of demand for $14.7 mil; asks for trading suspension

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.

China Environment unit receives letter of demand from Bank of China

SINGAPORE (Oct 19): China Environment announced that wholly-owned subsidiary, Fujian Dongyuan Environmental Protection Co., has received a letter of demand dated Oct 12 from the Bank of China claiming the repayment of RMB56.1 million ($11.5 million) in overdue interest and loan principal for a working capital loan.

China Environment said notice was given in the letter of demand that the bank expects the company to repay the overdue interest and loan principal upon receipt of the letter.

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