USP Group receives application to wind up company

A CREDITOR of watch-listed USP Group has filed a winding-up application against the company.

Anne Lee King filed the application over the reimbursement of legal fees, as part of a Deed of Indemnity that the company had provided to Lee with the sum of S$95,487.64.

The application will be heard in the High Court on Dec 8, USP Group said in a bourse filing on Tuesday (Nov 21).

The company, which is on the Singapore Exchange’s financial watchlist, has been mired in several board tussles over the years.

In September, a duo of minority shareholders asked to convene an extraordinary general meeting (EGM) for a complete overhaul of the company’s board of directors.

One of the shareholders earlier this year also linked up with other minority shareholders in a bid to take control from the company’s board and give it new projects.

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Then, the EGM was deemed invalid as the requisitioning shareholders in question were not deemed “members” of USP under the Companies Act.

Lee’s legal suit involved loan agreements she entered into, for the purchase of shares from former shareholders of USP.

Then, she claimed that she had entered into the agreements to facilitate share purchase transactions between the former shareholders and some Chinese investors, and to become a nominee shareholder for the investors.

USP said it is seeking advice from its solicitors on the next probable steps and/or options to be taken, and will make further announcements as and when required.