8Telecom served with court summons for non-repayment of share subscription

Singapore

8TELECOM International has been served with an originating summons taken by Top Capital Securities to put the company into judicial management for not paying back a share subscription consideration of about S$1.7 million.

The two parties had agreed under the subscription agreement that any dispute with the pact would be referred to and resolved by arbitration in the Singapore International Arbitration Centre. 8Telecom said in its exchange filing that Top Capital had made the application to court without resolving the dispute via arbitration, and that it had appointed legal counsel to defend the application.