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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.
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.