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Chinese Global Investors served with statutory demand from former CFO

CATALIST-LISTED investment holding group Chinese Global Investors Group has been served a statutory demand dated Oct 3 for S$41,958.12 by lawyers acting for former group chief financial officer (CFO) Kemmy Koh Ai Ping, the company said on Friday night.

The sum is for Ms Koh's salary from April to July 2019, inclusive of CPF and interest, said Chinese Global Investors.

Ms Koh left the firm with effect from July 15, with "unpaid remuneration due from the company" given as the reason for her departure. She had been CFO since May 2011.

If the company fails to pay Ms Koh or her acting lawyers the outstanding sum, or to secure or compound the sum to Ms Koh's satisfaction, within 21 days from when the demand was served, the company shall be deemed unable to pay its debts and Ms Koh shall apply for a winding-up order against it.

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"The company is presently seeking legal advice and will keep shareholders informed as and when there are material developments on the aforesaid matter," said Chinese Global Investors.

In June, the company received a letter of demand from lawyers acting for landlord Ashford Investment for the sum of S$12,462.63 in rental arrears and late payment interest. The letter, dated June 14, said that Chinese Global Investors was expected to repay the outstanding sums by June 28, failing which the landlord would exercise its right under the tenancy agreement to re-enter the premises.

In its results released on Aug 29 for the year ended June 30, Chinese Global Investors recorded a net loss attributable to owners of S$1.1 million, narrowing from the previous year's S$3.4 million figure. It said then that it would seek to procure further contracts for the supply of commercial waterproofing and insulation materials, and adhere to cost-control discipline to manage its financial resources efficiently.

It added then that it was working towards submitting a resumption proposal to resume trading in its securities. Its shares have been suspended since October 2018.