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Landlord claims late rents, interests from loss-making Chinese Global Investors

THE board of Catalist-listed investment holding group, Chinese Global Investors Group, on Tuesday said that it has received a letter of demand from law firm Allister Lim & Thrumurgan (AL&T), claiming the sum of S$12,462.63 for the landlord, Ashford Investment, as arrears in rent and late payment interests.

The landlord is also claiming for legal costs of S$38.

Chinese Global Investors, which provides financial and investment services, as well as waterproofing and building protection solutions, said that under a written tenancy agreement dated Sept 21, 2017, the company has leased a premise on the 11th floor of Shenton House Singapore along Shenton Way.

AL&T said in its letter, dated June 14, that it expects Chinese Global Investors to repay the outstanding sums to the landlord by June 28, failing which the landlord will exercise its right under the tenancy agreement to re-enter the premises.

AL&T also said that the company has to deliver vacant possession of the premises to the landlord by the stipulated time, failing which the landlord will not be liable for any loss or damage to the property in the premises, and the company will pay for all the costs "reasonably incurred" in the exercise of the landlord's right of re-entry.

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Chinese Global Investors said it is currently reviewing the letter of demand and will keep shareholders informed about material developments.

In a separate announcement, it also announced the resignation of its group chief financial officer, 44-year-old Kemmy Koh Ai Ping, who cited "unpaid remuneration due from the company" as a reason for her departure.

The announcement also said that the resolution on the outstanding remuneration is still "pending".

In May this year, Chinese Global Investors reported a narrowing in net losses to S$645,709 for its nine months ended March 31, 2019, from a net loss of S$2.4 million a year ago. This was despite revenue climbing 39.6 per cent to S$9.3 million. 

In its financial statement, it said: "Demand for construction services is expected to be reasonably healthy for 2019. This will aid the group's waterproofing business as it is a beneficiary (of the) construction business.

"Nevertheless, with intense competition, the group will continue to manage its operating costs and business risk with prudence, as well as (manage its) potential viable business assets that are complementary with and in the interests of the group."

The company's shares last traded at S$0.008 in September last year.

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