You are here

Libra faces another S$1.72m in claims, Iras action over unpaid tax

EMBATTLED building solutions firm Libra Group is facing another S$1.72 million in claims from its creditors and a lawsuit from an insurer, while owing the Inland Revenue Authority of Singapore (Iras) S$82,488 in unpaid taxes. 

The company previously disclosed on Wednesday that it had received four letters of demand from creditors collectively seeking about S$9.3 million in repayments, as well as its mortgaged property at Sungei Kadut.

In a bourse filing on Friday, Libra said that the company and its unit Cyber Builders are being sued by insurer Great American Insurance over a claim of S$180,000. 

Separately, Libra and some of its subsidiaries have received five letters of demand, namely, from Maybank Singapore over some S$800,000, P2P platform Funding Societies for over S$450,000, Ethoz Capital for over S$185,000 and Rockwool Building Materials for over S$91,000.

sentifi.com

Market voices on:

Adding to Libra's woes, Iras has appointed an agent over unpaid taxes of over S$82,000 due from the company's unit, Libra Engineering. Libra has also received a notice of consultation from the Small Claims Tribunals over a claim by FMB Trading and Engineering for the sum of over S$5,500 for laser-cutting services. 

Libra and several of its units received a letter of set-off from HSBC in relation to the use of amounts in the company's term deposit account towards satisfying outstanding amounts it owed to the bank. 

In another Friday filing, Libra announced that the High Court has set a pre-trial conference for Sept 24 over its application for a debt moratorium. 

Libra shares have been suspended from trading. They last closed at 3.5 Singapore cents on Aug 22.