JASON Sim Chon Ang, executive chairman and CEO of timber flooring company Jason Holdings, is being sued by CIMB Securities over a contractual dispute, the company said on Monday morning.
The directors of Jason Holdings said the claim is against Mr Sim in his personal capacity and does not affect the business or operations of the group. Mr Sim aims to contest the claim, it said.
The board is "of the view that Mr Jason Sim is suitable and it is in the best interest of the company that Mr Jason Sim continues as the executive chairman and CEO of the company", it said.
"The board will monitor the progress of the claim closely and may make a further assessment as to Mr Jason Sim's suitability to continue to act as the company's executive chairman and CEO as well as a member of the board at a later stage."
Catalist-listed Jason Holdings experienced a spectacular collapse in its share price in end-July after a sharp rise over 2014 and 2015.
On Monday at 11.43am, it traded at seven Singapore cents, down 0.9 cent or 11.4 per cent.