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AA Group dragged into debacle involving Epicentre chairman
AA Group Holdings has found itself embroiled in the debacle that has enveloped Epicentre 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 has been said to be uncontactable since May 24.
AA Group 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 are demanding 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), while the letter of demand claims that the company is allegedly in default of one of the financing agreements.
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 on this matter 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 also said that its ability to continue as a going concern has potentially been affected by related developments.