Innopac board disputes S$15m claim from Saxo Bank

INNOPAC Holdings is disputing a S$15 million claim from lender Saxo Bank, after being served with a writ of summons in the Singapore High Court over negative balances in subsidiaries' accounts.

The Innopac board said on Friday that the negative balances were incurred without any guarantee by the company, but added that Saxo Bank has alleged that the company is liable for the claim.

"The company has taken legal advice from its solicitors and is disputing the claim, as it believes that the claim has no merit," said the board. 

"The company intends to strenuously defend the claim," it added.

The board also said that Innopac "will make further announcements on any material developments as and when appropriate".