First of many? This Bank really fierce. First 92 year old woman. Now this. Anyone in this forum kenna from them before?
JURONG TECHNOLOGIES INDUSTRIAL CORPN. LTD
STATUTORY DEMANDS AGAINST THE COMPANY AND ITS SUBSIDIARY
The Board of Directors of Jurong Technologies Industrial Corpn. Ltd. (the “Company”) wishes to
announce that the Company and its wholly-owned subsidiary Jurong Hi-Tech Industries Pte. Ltd.
(“JHT”) have received a statutory demand under section 254(2)(a) of the Companies Act (Cap. 50)
dated 9 January 2009 from the solicitors acting for Oversea-Chinese Banking Corporation Limited
(“OCBC Bank”), claiming for full repayment of the aggregate of the sums of S$21,895,125.25 and
US$23,253,681.18 respectively, alleged to be the amounts due and payable under banking facilities
extended to the Company and JHT by OCBC Bank, and stating that if payment is not made within 3
weeks from the date of receipt of the statutory demand, OCBC Bank shall be entitled to commence winding
up proceedings against the Company and JHT.
The Company and, JHT, together with the Company’s financial advisors Korda Mentha Neo, met the
Company and JHT’s creditor banks and financial institutions on 13 January 2009 (the “Meeting”).
After the Meeting, the Company was of the view that the Company and JHT’s creditor banks and
financial institutions (including OCBC Bank) will continue to negotiate with the Company and JHT in
respect of their alleged outstanding liabilities. The Company and JHT will seek to achieve a favorable
resolution of this matter.
The Board of Directors will make further announcement of any material development on this matter as
and when appropriate.
FOR AND ON BEHALF OF THE BOARD
JURONG TECHNOLOGIES INDUSTRIAL CORPN. LTD
STATUTORY DEMANDS AGAINST THE COMPANY AND ITS SUBSIDIARY
The Board of Directors of Jurong Technologies Industrial Corpn. Ltd. (the “Company”) wishes to
announce that the Company and its wholly-owned subsidiary Jurong Hi-Tech Industries Pte. Ltd.
(“JHT”) have received a statutory demand under section 254(2)(a) of the Companies Act (Cap. 50)
dated 9 January 2009 from the solicitors acting for Oversea-Chinese Banking Corporation Limited
(“OCBC Bank”), claiming for full repayment of the aggregate of the sums of S$21,895,125.25 and
US$23,253,681.18 respectively, alleged to be the amounts due and payable under banking facilities
extended to the Company and JHT by OCBC Bank, and stating that if payment is not made within 3
weeks from the date of receipt of the statutory demand, OCBC Bank shall be entitled to commence winding
up proceedings against the Company and JHT.
The Company and, JHT, together with the Company’s financial advisors Korda Mentha Neo, met the
Company and JHT’s creditor banks and financial institutions on 13 January 2009 (the “Meeting”).
After the Meeting, the Company was of the view that the Company and JHT’s creditor banks and
financial institutions (including OCBC Bank) will continue to negotiate with the Company and JHT in
respect of their alleged outstanding liabilities. The Company and JHT will seek to achieve a favorable
resolution of this matter.
The Board of Directors will make further announcement of any material development on this matter as
and when appropriate.
FOR AND ON BEHALF OF THE BOARD
