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Ezra receives statutory demand by Forland for payment of 25.5m Norwegian krone

Tuesday, February 7, 2017 - 07:53

EZRA Holdings said on early Tuesday that it had, on Monday, received a statutory demand from the solicitors of Forland Subsea in relation to a claim made by Forland against the company for the payment of about 25.5 million Norwegian krone (S$4.4 million).

The sum is allegedly due and owing by Ezra as the parent corporate guarantor for the charterparty dated Dec 4, 2012, wherein Forland agreed to charter the vessel "Lewek Inspector" to EMAS-AMC AS.

EMAS-AMC is a wholly owned subsidiary of EMAS Chiyoda Subsea, which is 40 per cent-owned by Ezra.

The Singapore-listed offshore and marine group added that the statutory demand stated that if payment for the sum demanded is not secured or compounded to the reasonable satisfaction of Forland within three weeks, the solicitors of Forland will apply for the company to be wound up by the High Court of Singapore.

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This is "upon the ground provided for under Section 254(1)(e) read with Section 254(2)(a) of the Companies Act, Chapter 50, namely, that the company is unable to pay its debts".

Ezra said that it is currently seeking advice.

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