nTan sues SunMoon over advisory fees

FRUIT distributor and food ingredients maker SunMoon Food Company has been sued by nTan Corporate Advisory for 2.06 billion shares, or $2.06 million, in allegedly unpaid fees.

The fees relate to services provided by nTan - set-up by restructuring specialist Nicky Tan - in "identifying and securing investors pursuant to a letter of engagement dated November 14, 2006".

A statement of claim seen by The Business Times said that the fee came from 5 per cent of the first $25 million raised, plus 4.5 per cent of the next $25 million, plus goods and services tax.