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China Sports International seeking information on potential undisclosed lawsuits
SPORTSWEAR maker China Sports International or its subsidiaries might be involved in past or ongoing lawsuits which were not previously disclosed, the company said in an exchange filing on Tuesday.
The board is seeking further information from chief executive Lin Shao Xiong and will make further announcements when there are material developments.
The company advised shareholders and potential investors to exercise caution when dealing in its shares.
The troubled mainboard-listed firm's shares have been suspended since Dec 4, 2017 after it requested a voluntary suspension until the commencement of an audit process, and when directors and auditors are "clear on the company's state of affairs".
In December last year, the company said that it had received a statutory demand from its legal advisers, RHT Corporate Advisory, for S$50,839.25 in unpaid fees, and that if it failed to repay the amount within three weeks from Dec 15, RHT would be entitled to commence winding-up proceedings against the company.
But as at March 8, the company had not received any further action in relation to the statutory demand, according to exchange filings.