Former Cathay cinema operator mm2 Asia, subsidiary owe S$213,000 in CPF arrears

[SINGAPORE] Mainboard-listed entertainment company mm2 Asia and its wholly owned subsidiary mm2 Entertainment owe the Central Provident Fund (CPF) Board about S$213,000 in outstanding contributions, the State Courts heard on Wednesday (Sep 16).

Of this, about S$15,000 is owed by mm2 Asia , while about S$198,000 is owed by mm2 Entertainment.

Records from the Accounting and Corporate Regulatory Authority show that mm2 Asia is the sole shareholder of mm2 Entertainment, holding all two million of its issued shares.

mm2 Asia was the operator of the Cathay Cineplexes cinema chain, which ceased operations in September 2025 amid the group’s financial difficulties.

The group also has businesses in film and television production and distribution, as well as live entertainment. Its subsidiary mm2 Entertainment was incorporated in Singapore in 2009.

A representative who appeared for both companies asked the court for more time to repay the outstanding CPF contributions, citing their financial situation and an ongoing scheme of arrangement.

“There is no fund in the company,” the representative told the court during the Wednesday hearing for mm2 Entertainment, adding that it proposed to start paying the arrears from January 2027.

He said the company was going through a scheme of arrangement and referred to S$15 million in funding expected around the end of 2026.

The prosecutor noted that the “outstanding sum (owed by mm2 Entertainment) is still high” at about S$198,000 and said the company should continue making payments “rather than wait until January” 2027.

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When pressed on the company’s ability to make further payments, the representative said there was “no money”.

For mm2 Asia, the court heard that the company had made a payment of S$11,000 following an earlier direction by the court. Its representative said the company had written to the CPF Board to propose a payment plan for the balance and was awaiting a reply.

The court was told that about S$15,000 remained outstanding.

After hearing from the prosecution and the companies’ representative, the court said it expected S$50,000 to be paid before the next mention on Oct 14.

mm2 Asia faces three charges of failing to pay CPF contributions for an employee for the months of November and December 2025, and January 2026.

mm2 Entertainment faces eight charges involving four employees. Four relate to CPF contributions for November 2025 and another four relate to contributions for December 2025.

The charges against both companies are for alleged offences under the CPF Act.

The cases first came before the State Courts in March. At an Aug 19 hearing, the court was told that the two companies then owed more than S$260,000 in CPF contributions, comprising about S$22,000 owed by mm2 Asia and about S$241,000 owed by mm2 Entertainment.

The companies are also undergoing restructuring and have proposed schemes of arrangement with their creditors. These proceedings are due to be heard in the High Court on Friday.

When approached by The Straits Times at the Wednesday hearing, the representative for the two companies declined to comment. THE STRAITS TIMES