You are here

Pacific Healthcare in legal spat over alleged loan, payment over failed sale

Wednesday, March 9, 2016 - 18:10

PACIFIC Healthcare Holdings on Wednesday said it and its nursing home subsidiary have been sued over an alleged S$500,000 loan, and a payment worth S$1.78 million over a terminated sale of two units.

It said "legal proceedings have been instituted" against the company and its subsidiary, Pacific Healthcare Nursing Home.

The claim is made by Chan Ewe Teik, a director of Straitsworld Advisory, and Straitsworld Advisory over the recovery of S$500,000 in alleged loans.

They - Mr Chan and his firm - also seek to recover S$1.78 million as part payment for the proposed - and subsequently terminated - sale by Pacific Healthcare of all its shares in two units, Pacific Surgical and Endoscopy Centre, and Pacific Healthcare (Indonesia). Pacific Healthcare had in January 2015 entered into two sale agreements with Straitsworld for the proposed sales. In May 2015, the agreements were terminated as certain conditions were not fulfilled or waived by the long-stop date, Pacific Healthcare said.

sentifi.com

Market voices on:

"The company is currently seeking legal advice and will, in consultation with its solicitors, take all necessary steps and measures to defend both claims vigorously."

Nespresso
Pair your daily business read with the perfect cup of espresso.

Subscribe to The Business Times today to receive your very own Nespresso Inissia coffee machine worth $188.

Find out more at btsub.sg/btdeal

Powered by GET.comGetCom