Multiple lawsuits added up can be material so why does Oxley Holdings not disclose them?
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Tay Peck Gek
THE High Court will be hearing at least two litigation cases involving Oxley Holdings this week. If you don't remember being alerted to these proceedings via the listed property firm's disclosures to the Singapore Exchange (SGX), it's because no such alerts exist.
Oxley's wholly-owned unit Oxley Gem is in a legal dispute with a firm called Gracious Land, and a chambers hearing is scheduled for Thursday. It is unclear why Oxley Gem has sued Gracious Land, as the matter is related to an arbitration and the case file has been sealed from the public.
Oxley did, however, disclose last year that the S$950 million sale of two Stevens Road hotels had fallen through after Gracious Land failed to pay a deposit of S$38 million. The buyer requested a refund of an initial S$9.5 million deposit, but Oxley had said this was non-refundable.
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