DeClout's group CEO setting the record straight

WE refer to the letter "More questions over DeClout's deployment of loan proceeds" from Nicolas Van Broekhoven. (BT, April 20). The letter contains several inaccuracies and misrepresentations on the S$10 million loan.

We wish to state that:

1) the Loan was unanimously approved by DeClout's board of directors after careful deliberation, amongst others, to minimise shareholder dilution;