letters of demand

Sunvic Chemical racks up $44 mil in corporate loan claims, says cash flow may be affected

SINGAPORE (Jan 11): Sunvic Chemical Holdings says two of its subsidiaries, Yixing Yinyan Import & Export Co and Jiangsu Jurong Chemical, have each received letters of demand regarding corporate loans amounting to about RMB 222.5 million ($44.3 million).

The first claim was lodged by Yixing City Futao Rural Micro Credit against Sunvic’s Yixing Yinyan, which acted as the corporate guarantor for Jiangsu Donglai Real Estate Development for an RMB 180 million loan from Yixing City Futao.

Midas gets 2 letters of demand relating to more unauthorised loans

SINGAPORE (Apr 24): The board of Midas Holdings has received two letters of demand dated Mar 9 and Apr 16, bringing to light another two loan guarantees that the group does not know about.

These are the latest in a string of unauthorised loans taken out by the group’s China subsidiaries, which have prompted investigations by Singapore’s Commercial Affairs Department (CAD).

Serrano unit receives writ of summons over unpaid bills

SINGAPORE (Aug 17): Serrano, the provider of interior fit-out solutions for the residential, hospitality and retail sectors, says its wholly owned subsidiary, Serrano Holdings, has received a writ of summons on Aug 2, from Maxcon Enterprise’s lawyers.

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