Jason Holdings' creditors to meet to approve scheme of arrangement

FLOORING company Jason Holdings said on Thursday its application for a scheme of arrangement has been granted by Singapore's High Court, and the company is expected to call a meeting of creditors by Feb 1, 2017, to approve the scheme.

In May, Jason Holdings said ANZ has sent it, Jason Parquet Specialist (Singapore) or JPSS, and Jason Holdings' executive directors Jason Sim Chon Ang and Sim Choon Joo letters of demand.

These letters demanded full repayment of around S$1.69 million, consisting of a S$1.64 million principal and about S$52,000 in interest due under banking facilities that ANZ granted to JPSS with repayment guaranteed by Jason Holdings and the two directors.

Separately, in September, the Commercial Affairs Department had called in two persons related to Jason Holdings for an ongoing investigation. One is a current employee and the other a former staff of JPSS.