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Jurong Country Club noteholders demand early redemption from JTC

Almost 200 members holding S$23.5m in notes due 2033 say no justification for JTC to hold back funds beyond club's closure

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Published Thu, Jun 30, 2016 · 09:50 PM

    Singapore

    THE 196 members of Jurong Country Club (JCC) holding notes totalling S$23.5 million want JTC Corporation to redeem the debt when the club closes this year - not when the notes mature in 2033.

    The debenture holders, out of a total membership of about 2,500, had each subscribed to non-interest-bearing unsecured notes of S$120,000 when they registered as members in 1993, the year the club was built. This was a condition of membership at the time. The notes mature on Sept 1, 2033.

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