- Joined
- Jul 25, 2018
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MOF & Lena Sim kenna tiew and kann good and proper
MOF deserved to be screwed. After the way she toadied to maggots maggotess to unkat SPH and paper general who sank NOL and screwed TRS . Karmic retribution with fucking interest man!
She waxing lyrical how great SPH is and how she dare not endangered the very good relationship by allowing someone who published opposition website (and got fucking jailed for that) to rent her fucking stall
More Ministry Of Food outlets shut down over owner's financial woes
https://www.straitstimes.com/singap...-outlets-shut-down-over-owners-financial-woes
Ms Soh, a shareholder of the Korean restaurant chain, said: "When our lawyers found out that she replaced herself with her elderly illiterate mother as the sole director of her 20 companies and put up her Wilkinson Road bungalow for sale, we decided to freeze all her assets in case she dissipates everything and leaves us with a useless paper judgment."
https://goodyfeed.com/ministry-food-trs/
SINGAPORE - Home-grown restaurant chain Ministry Of Food is in trouble, hit by a double whammy of the coronavirus outbreak and a Mareva injunction freezing the owner's assets.
At its height, Ministry Of Food owned a slate of restaurant chains, including MOF, Hanssik, DaeSsikSin and Ju Hao, with 80 restaurants across the island, but it is now whittled down to 26, after five more outlets shut this weekend.
On Monday (March 2), 11 stalls at SingPost Centre Platform M could potentially be repossessed by the landlord if Ministry Of Food chief executive Lena Sim is unable to pay the rent.
"If by Monday, I cannot find enough funds to give the landlords what they want because all my funds are frozen by the banks, they will seize the outlets. The reason given is they are very scared of the Mareva injunction," Ms Sim told The Sunday Times on Friday (Feb 28).
Ms Sim was sued in 2017 for an outstanding payment of $4.8 million by Korean businessman Lee Je-young and three others - Ms Soh Sow Hoon, Huh Suk Kyung and Lee Pil Young - for the sale of a chain of Korean restaurants.
She had apparently agreed to purchase the chain of South Korean restaurants that year for $5.5 million. She paid only $700,000.
The injunction freezes her assets of up to a value of $4.8 million.
Ms Sim said she had told Mr Lee that she would buy his restaurants only if she could resell them together with her other restaurants to a Thai conglomerate in 2017.
At that time, a Thai conglomerate had shown interest in acquiring the Ministry of Food and hired an accounting firm to go through its business records, said Ms Sim, who opened the first MOF outlet in Marina Square in 2006. But the deal fell through and she found herself entangled in a legal battle.
Because an arbitration clause was incorporated as part of the sale=and-purchase contract, the dispute was not litigated in a court, said Ms Sim, who is in her 40s.
Earlier in February, the plaintiff's lawyer, Mr Chia Boon Teck, obtained a Mareva injunction against Ms Sim.
Ms Soh, a shareholder of the Korean restaurant chain, said: "When our lawyers found out that she replaced herself with her elderly illiterate mother as the sole director of her 20 companies and put up her Wilkinson Road bungalow for sale, we decided to freeze all her assets in case she dissipates everything and leaves us with a useless paper judgment."
Ms Sim said she had done so at the advice of a fengshui master after her business took a dive.
"After the acquisition fell through, my business went through a major revamp. I shut down about 40 outlets last year," she said.
"With the manpower crunch, I decided to shut all table-service concept restaurants which are no longer viable in Singapore's food and beverage landscape. By the last quarter of last year, my company was operationally profitable."
But with the coronavirus outbreak, sales at eight of her outlets plunged by 80 to 90 per cent.
However, some outlets were still doing well and overall group performance dipped by about 35 per cent.
Then came the Mareva injunction in February, which saw the banks freezing her accounts. Ms Sim said she was unable to make payments to her food suppliers and landlords. Some suppliers have already stopped delivering ingredients to her restaurants.
On Friday night, two of the chain's outlets - Ju Hao at Bukit Panjang Plaza and MOF Izakaya at Lot One - were repossessed by CapitaLand after she failed to pay rent. That was the last MOF outlet.
"For the past week, I have been going from one bank to another, trying to explain how the injunction came about, but the bank's management still decided to freeze my accounts," said Ms Sim.
"How do you expect me to pay my rent? It's a ripple effect. Even my personal accounts were forcefully terminated. The injunction did not require that. I find it unreasonable and I find the banks over-reacting.
"The injunction blocks me from disposing of my assets, but it's not supposed to disrupt my daily life and business operations."
Last week, she was also questioned by the Ministry of Manpower and had her passport impounded after she failed to pay wages to her staff.
She said her biggest concern now is the livelihood of her almost 400 staff.
"With the closing of every outlet, 15 to 20 people lose their jobs.
"I hope the landlords can look beyond an injunction which will be lifted once there's an outcome for the case in two to three months' time."
What is a Mareva injunction?
A Mareva injunction prevents the defendant from dissipating his assets.
The injunction can be domestic or cover the defendant’s assets worldwide.
The injunction freezes the assets of the defendant up to an amount stated in the order.
In case a plaintiff wins a lawsuit, the plaintiff will not be left with a paper judgment and no assets to enforce against the defendant.
Lawyers say the plaintiff in applying for a Mareva injunction must first have a good case against the defendant, and prove that there is a risk of the defendant dissipating his assets. A defendant can apply to the court to vary or discharge the order.
There are exceptions to the order served to Ms Lena Sim. The order does not stop her from spending a reasonable sum to be agreed between her and the plaintiff’s lawyer.
The order also does not prohibit Ms Sim from dealing with or disposing of any of her assets in the ordinary and proper course of business. But she would have to account to the plaintiff’s lawyer for the amount of money spent in this regard.
Forward this on your WhatsApp and make this go viral.
Get this onto the handphones of all in Singapore
VOTE OUT ALL THE MAGGOTS AND MAGGOTESS IN WHITE AND TURN STINKAPORE BACK INTO SINGAPORE
OR OUR KIDS END UP BECOMING SECURITY GUARDS TO BE KICKED IN FACE BY CECAs OR PANDA FOOD DELIVERIES OR PICKING UP CARDBOARDS OR SELLING TISSUE PAPER IN HAWKER CENTERS
MOF deserved to be screwed. After the way she toadied to maggots maggotess to unkat SPH and paper general who sank NOL and screwed TRS . Karmic retribution with fucking interest man!
She waxing lyrical how great SPH is and how she dare not endangered the very good relationship by allowing someone who published opposition website (and got fucking jailed for that) to rent her fucking stall
More Ministry Of Food outlets shut down over owner's financial woes
https://www.straitstimes.com/singap...-outlets-shut-down-over-owners-financial-woes
Ms Soh, a shareholder of the Korean restaurant chain, said: "When our lawyers found out that she replaced herself with her elderly illiterate mother as the sole director of her 20 companies and put up her Wilkinson Road bungalow for sale, we decided to freeze all her assets in case she dissipates everything and leaves us with a useless paper judgment."
https://goodyfeed.com/ministry-food-trs/
SINGAPORE - Home-grown restaurant chain Ministry Of Food is in trouble, hit by a double whammy of the coronavirus outbreak and a Mareva injunction freezing the owner's assets.
At its height, Ministry Of Food owned a slate of restaurant chains, including MOF, Hanssik, DaeSsikSin and Ju Hao, with 80 restaurants across the island, but it is now whittled down to 26, after five more outlets shut this weekend.
On Monday (March 2), 11 stalls at SingPost Centre Platform M could potentially be repossessed by the landlord if Ministry Of Food chief executive Lena Sim is unable to pay the rent.
"If by Monday, I cannot find enough funds to give the landlords what they want because all my funds are frozen by the banks, they will seize the outlets. The reason given is they are very scared of the Mareva injunction," Ms Sim told The Sunday Times on Friday (Feb 28).
Ms Sim was sued in 2017 for an outstanding payment of $4.8 million by Korean businessman Lee Je-young and three others - Ms Soh Sow Hoon, Huh Suk Kyung and Lee Pil Young - for the sale of a chain of Korean restaurants.
She had apparently agreed to purchase the chain of South Korean restaurants that year for $5.5 million. She paid only $700,000.
The injunction freezes her assets of up to a value of $4.8 million.
Ms Sim said she had told Mr Lee that she would buy his restaurants only if she could resell them together with her other restaurants to a Thai conglomerate in 2017.
At that time, a Thai conglomerate had shown interest in acquiring the Ministry of Food and hired an accounting firm to go through its business records, said Ms Sim, who opened the first MOF outlet in Marina Square in 2006. But the deal fell through and she found herself entangled in a legal battle.
Because an arbitration clause was incorporated as part of the sale=and-purchase contract, the dispute was not litigated in a court, said Ms Sim, who is in her 40s.
Earlier in February, the plaintiff's lawyer, Mr Chia Boon Teck, obtained a Mareva injunction against Ms Sim.
Ms Soh, a shareholder of the Korean restaurant chain, said: "When our lawyers found out that she replaced herself with her elderly illiterate mother as the sole director of her 20 companies and put up her Wilkinson Road bungalow for sale, we decided to freeze all her assets in case she dissipates everything and leaves us with a useless paper judgment."
Ms Sim said she had done so at the advice of a fengshui master after her business took a dive.
"After the acquisition fell through, my business went through a major revamp. I shut down about 40 outlets last year," she said.
"With the manpower crunch, I decided to shut all table-service concept restaurants which are no longer viable in Singapore's food and beverage landscape. By the last quarter of last year, my company was operationally profitable."
But with the coronavirus outbreak, sales at eight of her outlets plunged by 80 to 90 per cent.
However, some outlets were still doing well and overall group performance dipped by about 35 per cent.
Then came the Mareva injunction in February, which saw the banks freezing her accounts. Ms Sim said she was unable to make payments to her food suppliers and landlords. Some suppliers have already stopped delivering ingredients to her restaurants.
On Friday night, two of the chain's outlets - Ju Hao at Bukit Panjang Plaza and MOF Izakaya at Lot One - were repossessed by CapitaLand after she failed to pay rent. That was the last MOF outlet.
"For the past week, I have been going from one bank to another, trying to explain how the injunction came about, but the bank's management still decided to freeze my accounts," said Ms Sim.
"How do you expect me to pay my rent? It's a ripple effect. Even my personal accounts were forcefully terminated. The injunction did not require that. I find it unreasonable and I find the banks over-reacting.
"The injunction blocks me from disposing of my assets, but it's not supposed to disrupt my daily life and business operations."
Last week, she was also questioned by the Ministry of Manpower and had her passport impounded after she failed to pay wages to her staff.
She said her biggest concern now is the livelihood of her almost 400 staff.
"With the closing of every outlet, 15 to 20 people lose their jobs.
"I hope the landlords can look beyond an injunction which will be lifted once there's an outcome for the case in two to three months' time."
What is a Mareva injunction?
A Mareva injunction prevents the defendant from dissipating his assets.
The injunction can be domestic or cover the defendant’s assets worldwide.
The injunction freezes the assets of the defendant up to an amount stated in the order.
In case a plaintiff wins a lawsuit, the plaintiff will not be left with a paper judgment and no assets to enforce against the defendant.
Lawyers say the plaintiff in applying for a Mareva injunction must first have a good case against the defendant, and prove that there is a risk of the defendant dissipating his assets. A defendant can apply to the court to vary or discharge the order.
There are exceptions to the order served to Ms Lena Sim. The order does not stop her from spending a reasonable sum to be agreed between her and the plaintiff’s lawyer.
The order also does not prohibit Ms Sim from dealing with or disposing of any of her assets in the ordinary and proper course of business. But she would have to account to the plaintiff’s lawyer for the amount of money spent in this regard.
Forward this on your WhatsApp and make this go viral.
Get this onto the handphones of all in Singapore
VOTE OUT ALL THE MAGGOTS AND MAGGOTESS IN WHITE AND TURN STINKAPORE BACK INTO SINGAPORE
OR OUR KIDS END UP BECOMING SECURITY GUARDS TO BE KICKED IN FACE BY CECAs OR PANDA FOOD DELIVERIES OR PICKING UP CARDBOARDS OR SELLING TISSUE PAPER IN HAWKER CENTERS
