OUE Lippo Healthcare receives demand for payment of S$3.4m by ex-CEO

Published Wed, Jan 30, 2019 · 12:05 AM

OUE Lippo Healthcare (OUELH) announced on Wednesday morning that it received from the solicitors of the company's former CEO and major shareholder Fan How Kin, demanding payment for about S$3.4 million in total for alleged loans owed.

This is carried out through corporate vehicle Golden Cliff International, which is wholly owned by Mr Fan.

OUELH received a letter on Jan 24 from Golden Cliff International's solicitors demanding payment of S$3.15 million for loans allegedly owed.

OUELH's indirect wholly owned subsidiary OUELH Medical Assets also received a letter from Golden Cliff International's solicitors demanding payment for the sum of S$235,000.

Mr Fan was made a bankrupt on March 30, 2017, and is a defendant in proceedings commenced by the company for breach of fiduciary duties and unlawful conspiracy.

The company said that it is consulting legal advisers on addressing the above claims.

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