Court orders KTL Global to pay S$933,800 to alleged shareholder
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Wong Pei Ting
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A HIGH Court judge has ordered KTL Global to pay a man S$933,800 – an amount which he had allegedly paid to acquire his 5,500,000 shares in the company in 2015.
In a bourse filing on Monday (Mar 13), the mainboard-listed company said its board is currently in discussion with relevant professionals, knowing that an appeal on the judgment may be made within 14 days from the date of judgment. The judgment was made on Mar 10.
KTL Global thus said further announcements will be made on this as and when necessary to keep shareholders informed of material developments in this matter.
The man, Khua Kian Keong, had intiated the lawsuit against KTL Global by sending the company a letter of demand in Mar 19, 2021.
At that time, the company had said the board and management will require time to investigate and review the letter as they were constituted and appointed after the material time of the claim.
On Monday, KTL Global continued to advise shareholders to refrain from taking any action in respect of their securities in the company which may be prejudicial to their interests, and to exercise caution in their dealings.
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Trading of KTL Global’s shares remains suspended on Monday.
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