A BANKRUPTCY application has been filed against Sun Quan, the chairman and chief executive officer of Ascent Bridge : AWG 0%.

The application, made on Mar 2, arose from Sun’s guaranteed repayment of a loan made to one of his wholly-owned companies. That company is not a subsidiary of the group.

Sun has informed Ascent Bridge that he is settling the matter, and will inform its board of the progress.

On Friday (Mar 10), the group said it already had plans to “manage the key-man risk for business continuity”.

Ascent Bridge was known as AEI Corporation before the former metal products manufacturer changed its name in March 2022. It had plans to diversify into the alcoholic beverages business, after completing its acquisition of MTBL Global.

Shares of the watchlisted company fell by S$0.06 or 10.7 per cent to close at S$0.50 on Friday, after the announcement was made.

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