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International Healthway's affected subsidiaries resist receivers' actions

Monday, August 8, 2016 - 09:00

INTERNATIONAL Healthway Corporation (IHC) on Monday said that its receivers have tried to remove Jong Hee Sen and Lim Beng Choo as directors of the troubled company's affected subsidiaries, but these removals have been resisted.

On Aug 5, 2016, the group has received an Ex Parte Summon for Injunction application from the solicitors acting for the funds and fund managers (the plaintiffs) to restrain the group from removing the plaintiffs' nominated directors or appointing new directors in the affected subsidiaries.

The group is also restrained from giving instructions to the trustee of IHC Healthcare Reit, and to the trustee of Australia First Trust and IHC Australia Second Trust.

IHC, which is a healthcare services and facilities provider, said: "As the validity of the appointment of the receivers is being disputed, the group shall resist these actions from the plaintiffs vigorously. It should be noted that to date, the plaintiffs had not filed any claim against the group for amounts purportedly due to them."

Meanwhile, on the liquidation side of things, Crest Capital Asia Pte Ltd, as manager of the fund, has filed affidavits to object to these liquidations.

These liquidation applications are scheduled to be heard on Oct 31, 2016.

IHC said that it will continue to monitor the situation and update as necessary.

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