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Sinjia Land sues supplier in Taiwan; posts deeper FY2015 loss after audit
A SUBSIDIARY of Catalist-listed property development and component manufacturing firm Sinjia Land has sued a supplier in Taiwan for failing to deliver equipment after it had made the downpayment.
Sinjia RTE Solutions is seeking to claim back the downpayment amount of US$755,580 and the interest applicable on the sum at the rate of 5 per cent a year.
The supplier, Photon Hydrogen Inc, had failed to deliver the equipment within six months of the downpayment made, Sinjia Land said. Court proceedings concluded on April 6, and a judgment will be made on April 20.
Sinjia Land said it will keep shareholders informed of the outcome, and make further announcements when appropriate.
Separately, the firm said its 2015 losses were deeper than initially reported, following an adjustment recommended by its auditors.
According to the audited figures, the firm's net loss attributable to shareholders was S$545,000 higher at S$2.5 million.
Sinjia Land said the variance was due to the impairment of receivables amounting to US$755,580, following a court hearing on April 6 this year.