Sunvic Chemical to form panel to probe into guarantees for 222.5m yuan in loans

Singapore

SUNVIC Chemical Holdings will be appointing, at the request of its independent directors, a special investigative committee - comprising external auditors and legal advisers - to probe further into corporate guarantees provided for loans amounting to some 222.5 million yuan (S$44.3 million).

Its subsidiaries, Yixing Yinyan Import & Export Co (Yixing Yinyan) and Jiangsu Jurong Chemical Co (Jiangsu Jurong), had received letters of demand in relation to these corporate guarantees.