CATALIST-LISTED doormaker KLW Holdings on Thursday said it has withdrawn an earlier action filed against Michael Chan Ewe Teik for the repayment of S$7 million, in accordance with the legal advice it received.
KLW had on Sunday said that its board had been advised by Drew & Napier that it is unlikely to succeed in obtaining summary judgement against Mr Chan for the S$7 million repayment under the terms of the term sheet, as the time for payment arises only after Nov 21, 2015.
KLW was advised to withdraw the present action and to file a fresh claim after Nov 21, 2015, for the monies to be repaid.
In accordance with this advice, KLW on Nov 25 filed a Writ of Summons and Statement of Claim against Mr Chan and his company Straitsworld Advisory in the High Court.
In it, KLW claimed for the payment of S$7 million; alternatively, damages to be assessed; interests and costs; and further or other relief as the Court deems fit.