Ace Financial Services sends legal letter to Transcorp unit

TRANSCORP subsidiary Regal Motors has received a legal letter dated March 13 from the solicitor of Ace Financial Services, seeking S$292,468.88 plus damages for reputational loss as well as continuing interest and other administrative expenses.

In the letter, Ace Financial demanded that Regal Motors make payment of the sum within the next seven days, or no later than March 20.

Ace Financial also demanded that Regal Motors make an offer for the additional damages suffered, failing which it will commence proceedings against Regal Motors.

Transcorp is investigating the basis and merits of this case, and is currently reviewing the matter, it said.

In the event that the payments are to be made, it will have a material adverse impact on Transcorp's financial position.