AA Group dragged into debacle involving Epicentre chairman
Firm gets demands on debts allegedly signed on its behalf by Kenneth Lim Tiong Hian, but he has no ties to AA
Singapore
THE debacle that has enveloped former Apple reseller Epicentre Holdings seems to be extending its reach to include manufacturing company AA Group Holdings.
AA Group announced on Tuesday that it has received two statutory demands and one letter of demand from an alleged creditor, over financing agreements allegedly signed on its behalf by Kenneth Lim Tiong Hian - the executive chairman and acting chief executive officer of Epicentre Holdings, who is said to be uncontactable since May 24.
AA Group's announcement said Mr Lim "is not and has never been a director, officer or employee of the company or any of its subsidiaries".
"The company did not authorise Mr Lim to enter into the agreements on its behalf. The company confirms that it has never entered into such agreements with (the alleged creditor Gema Blasco) Martinez," it said.
It added that the statutory demands from Ms Martinez seek payment of S$156,400, with interest at 12 per cent per annum; and S$230,000, with interest at 15 per cent per annum. The letter of demand claims that the company is in default of one of the financing agreements.
AA Group said that none of its directors, officers nor employees had any prior knowledge of these supposed financing agreements, nor had any of them received any monies purportedly extended to the company under the agreements, nor are they acquainted with Ms Martinez in any way.
The company said that Mr Lim is an acquaintance of some of its directors and officers, although it did not name them, and that Mr Lim has no connection with the company beyond that.
It also said that, in the course of reviewing the alleged financing agreements, it has identified certain discrepancies such as the letterhead used in the agreements not being the company's letterhead, and the seal used in the agreements not being the company's seal.
AA Group said it has made a police report and is currently seeking legal advice on the matter. It added that it will be responding to Ms Martinez's lawyers, and will provide further updates to shareholders in due course.
Epicentre Holdings has itself received statutory demands dated May 21 and May 27 from three creditors, and is said to be seeking legal advice and trying to come up with a workout plan.
It had said in May that it will not be proceeding with a proposed placement of up to about 79.7 million new ordinary shares in its capital, as Mr Lim - "who has been key and instrumental to the proposed placement" - has been uncontactable.
At that time, it also added that its ability to continue as a going concern has potentially been affected as a result.
