Epicentre resists creditor's application for JM; claims it has no knowledge of certain debts

CATALIST-LISTED Epicentre has filed an affidavit to resist creditor Goh Chee Hong's application for the company to be placed under judicial management and appoint interim judicial managers, the former Apple reseller announced late on Wednesday night.

In a separate response to Singapore Exchange (SGX) queries, Epicentre on Thursday said that uncontactable former director Kenneth Lim was a key cog in a number of loans that the company is questioning. The firm is also disputing certain claims on the basis that the debts were not within the knowledge of the company's current independent directors.

Among other things, Epicentre said it is not aware of who initiated the reassignment of loan from MDR to Edward Lee.

SGX noted that the MDR loan was used to repay a loan from LLS Capital, and questioned the company on the quantum of this loan, and what it was used for.

In response, Epicentre said the loan from LLS Capital amounted to S$5 million. According to the company's records, S$2.85 million was used for advance payment to Shenzhen Blueway Technologies Co pursuant to a supply agreement; S$1.85 million was used to pay ECS Computer (Asia) and Apple South Asia; and S$0.2 million was paid to Kenneth Lim, as his salary for the period from June to December 2016.

Epicentre added that it has no dealings with creditors Gemma Martinez or Curtichs Javier, and is therefore unable to provide any background information on either of them.

Trading in Epicentre's shares has been suspended since May 30.