China Sports receives statutory demand from legal advisers; secretary resigns
CHINA Sports International on Monday announced that it received a statutory demand on Dec 15 from its legal advisers - RHT Corporate Advisory - in relation to the outstanding professional fees owed to it by the sportswear maker.
If China Sports fails to fulfil the S$50,839.25 payment to its legal advisers within three weeks from Dec 15, the latter would be entitled to commence winding-up proceedings against China Sports, the company said in an exchange filing with the Singapore bourse after markets closed.
In a separate release, China Sports announced that company secretary Shirley Tan Sey Liy has resigned, with effect from Dec 18.
China Sports shares have been suspended since Dec 4 after the Mainboard-listed firm requested for a voluntary suspension until the commencement of an audit process, and when directors and auditors are "clear on the company's state of affairs".
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Tesla cuts US prices by US$2,000 as sales slow, inventories swell
Volkswagen workers vote decisively to unionise in Tennessee
Sony deal for Paramount would draw added regulatory scrutiny
Bitcoin 'halving' has taken place: CoinGecko
Lululemon to shutter Washington distribution center, lay off 128 employees
Wall Street bonus rules return to regulatory agenda in third try