Corporate digest

KLW Holdings

THE first of three legal settlement payments to Catalist-listed KLW Holdings has failed to go through after the cheque received for the S$1 million payment was dishonoured upon presentation, the company said on Wednesday.

KLW is claiming a total of S$7.8 million from investor Michael Chan Ewe Teik and his company Straitsworld Advisory Limited for legal costs and the commitment fees paid under an unauthorised term sheet for a property development project in Zhangye Gansu, China.

Mr Chan had appealed against a bankruptcy order filed against him by KLW in February to recover the payments. In the settlement proposal dated Nov 29, he was meant to pay S$1 million by Dec 3, S$1.5 million by Jan 3, and the remaining S$5.3 million by A…