nTan sues SunMoon over advisory fees
It says fees relate to securing investors for the company
FRUIT distributor and food ingredients maker SunMoon Food Company has been sued by nTan Corporate Advisory for 2.06 billion shares, or $2.06 million, in allegedly unpaid fees.
The fees relate to services provided by nTan - set-up by restructuring specialist Nicky Tan - in "identifying and securing investors pursuant to a letter of engagement dated November 14, 2006".
A statement of claim seen by The Business Times said that the fee came from 5 per cent of the first $25 million raised, plus 4.5 per cent of the next $25 million, plus goods and services tax.
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