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Natural Cool gets letter of demand from ex-chief corporate officer
NATURAL Cool Holdings said after trading closed on Thursday it had received a letter of demand from a law firm representing its former chief corporate officer (CCO) for damages in excess of S$2.5 million towards alleged wrongful termination of his service with the company.
Harry Elias Partnership acting on behalf of Ng Quek Peng issued the letter dated March 1, 2017, to Natural Cool.
Mr Ng was engaged as the company's CCO on Nov 24, 2016. The newly installed board of Natural Cool, following the ouster of all but one director after an extraordinary general meeting on Feb 8, decided to terminate Mr Ng's services on Feb 15.
No legal proceedings, however, have been commenced against the company at this stage.
Natural Cool said it is of the opinion there are no merits to the claim and is seeking formal legal advice to deny and challenge the demand made by Mr Ng.
The listed company also reiterated the validity of Mr Ng's subscription to 27 million new ordinary shares at a discounted price of S$0.065 is being challenged by Lim Teck Chuan, a substantial shareholder of the company, and Tsng Joo Peng, the company's chief executive officer.
A lawsuit pertaining to Mr Ng's share subscription was filed with the Singapore High Court, wherein the listed company has been named as a defendant.