Ntegrator International receives statutory demand for S$177,000 in unpaid fees

CATALIST-LISTED communications network specialist Ntegrator International 5HC on Wednesday said it was served a letter of statutory demand for S$177,432.06 from its previous sponsor, the lawyers of Asian Corporate Advisors, for alleged fees owed by the company.

The amount includes fees related to the company's annual general meeting on April 28, its extraordinary general meeting, its acquisition of Fund Joy and its placement of subscription shares to Zhou Qilin.

It also includes fees for the works for the period May 22 to July 12, and fees related to the termination of sponsorship, in-lieu of the one-month notice period.

In a bourse filing, Ntegrator said the previous sponsor has demanded for payment within three weeks of receipt of the letter of statutory demand - which was served on August 6 - failing which it may commence winding-up proceedings against the company.

Ntegrator said it disputes, inter alia, the alleged fees owed by the company, and is seeking legal advice to determine its next course of action. It added that it intends to "strenuously defend any winding-up proceedings if such proceedings are commenced by the previous sponsor against the company".

Shares of Ntegrator closed at 1.2 Singapore cents on Tuesday, down 0.1 cent or 7.7 per cent.

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