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Additional judicial manager files writ of summons against Acesian Partners
A JUDICIAL manager of Acesian Partners’ subsidiary has filed a writ of summons against the listed company.
Acesian Partners said after Tuesday trading close that the writ of summons was served on the company and private-owned Acesian Engineering and Active Building Technologies on Monday.
The additional judicial manager, Muk Siew Peng has filed this writ of summons together with the subsidiary under judicial management, Acesian Star (S) Pte Ltd in Singapore’s High Court against the three entities and four key employees of Acesian Partners.
This court filing came after Acesian Partners said on June 1 that the High Court has extended the judicial management period for Acesian Star (S) by another six months to Nov 15, 2018.
Last October, Acesian Partners said that the High Court had approved the application by Takenaka Corp for the appointment of Ms Muk from KordaMentha as additional judicial manager of Acesian Star (S).
Takenaka Corp had voted against a proposed scheme of arrangement (SA) tabled for Acesian Star (S) at a meeting held with the latter’s creditors last August. But the majority of the creditors present had voted in favour of the proposed SA.
The listed company had forewarned then that Takenaka Corp would take steps to challenge the outcome of the meeting held last August and to remove Acesian Partners’ existing judicial managers.
Takenaka Corp and Acesian Partners have been embroiled in a legal spat over alleged claims and counter-claims linked to work at Changi Airport’s Terminal 4.