Corporate digest

Hoe Leong Corporation

The company has appealed to strike out a civil suit in Malaysia for alleged deceit and fraudulent misrepresentation. Its application to strike out the civil suit was dismissed by the Malaysian High Court earlier in December. The trial of the legal suit has been fixed for Oct 21-25, 2021. In September last year, Hoe Leong was served a writ and statement of claim taken out by solicitors of Halim Saad against the company and five other defendants. Mr Halim's claim in the civil suit is for alleged deceit and/or fraudulent misrepresentation by Hoe Leong and an alleged conspiracy by the defendants which caused him to suffer loss and damage. He is seeking general damages against the defendants.

AsiaPhos Limited

The group's subsidiary, Sichuan Mianzhu Norwest Phosphate Chemical, has secured a new banking facility for 21.06 million yuan (S$4.27 million) from Bohai Bank. The facility is for one year starting Dec 18.

The facility will be secured by land use rights pertaining to a site of about 54,862.7 square metres in Gongxing Industrial Zone in Sichuan, as well as various property, plant and equipment. AsiaPhos will also provide a corporate guarantee for the performance of Mianzhu Norwest's obligations under the new banking facility.

Cromwell European Reit

Paul Weightman, non-independent non-executive director at the Reit, will resign on Dec 31. He is also retiring as managing director and CEO of the Reit's sponsor, Cromwell Property Group.

Michael Wilde, the current chief financial officer of the sponsor, will be appointed acting CEO of Cromwell Property with effect from Jan 1, 2021.

Sevak Limited

The mainboard-listed telecommunications player has hired India-based Abhrajit Shaw, 30, as its chief financial officer.

Mr Shaw was most recently at Bharat IT Services Limited, a wholly-owned subsidiary of Sevak. Before that, he was financial controller at Interglobe Hotels, a joint venture between Accor Asia Pacific and Interglobe Enterprise, from January 2019 to June 2020.