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JEP unit served writ of summons, statement of claim in High Court
AEROSPACE component maker JEP Holdings on Tuesday said its wholly-owned unit, JEP Industrades, has been served a writ of summons and a statement of claim by Korea-domiciled plaintiff, YG-1 Co, in the High Court of Singapore.
This was for claims of US$219,284.25 in relation to outstanding payables amount for shipment made in 2016.
JEP Industrades is required to satisfy the claim or make an appearance within eight days after the service of the writ of summons, failing which the plaintiff may proceed to enter judgment against it.
JEP said the claim amount will not materially nor adversely affect the group's financial position.
"The company has engaged legal counsel to represent the company and will release further announcements to update shareholders on any material developments as and when appropriate."