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China Sports receives statutory demand from legal advisers; secretary resigns
CHINA Sports International on Monday announced that it received a statutory demand on Dec 15 from its legal advisers - RHT Corporate Advisory - in relation to the outstanding professional fees owed to it by the sportswear maker.
If China Sports fails to fulfil the S$50,839.25 payment to its legal advisers within three weeks from Dec 15, the latter would be entitled to commence winding-up proceedings against China Sports, the company said in an exchange filing with the Singapore bourse after markets closed.
In a separate release, China Sports announced that company secretary Shirley Tan Sey Liy has resigned, with effect from Dec 18.
China Sports shares have been suspended since Dec 4 after the Mainboard-listed firm requested for a voluntary suspension until the commencement of an audit process, and when directors and auditors are "clear on the company's state of affairs".