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KLW gets S$250,000 cashier's order for settlement payment after bounced cheque

DOOR maker KLW Holdings has received S$250,000 as part of a legal settlement with investor Michael Chan Ewe Teik and his company Straitsworld Advisory. This was through a cashier’s order on March 14, 2019, which was credited to KLW's bank account on March 18.

This comes after a S$1 million settlement payment in December last year failed to go through when the cheque bounced

KLW is expecting to receive additional payments of S$2 million and S$1.5 million on April 7 and May 16 respectively, it said in a regulatory filing on Monday night. 

"Unless Mr Chan complies strictly with the above, his appeal against the bankruptcy order made against him will be dismissed," the statement added.

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KLW Holdings is claiming around S$7.8 million from Mr Chan and Straitsworld Advisory, for legal costs and the commitment fees paid under an unauthorised term sheet for a property development project in Zhangye Gansu, it was reported in December.

Shares of the company last closed at S$0.005 apiece on Monday, down 0.1 Singapore cent.