- Joined
- Jul 24, 2008
- Messages
- 33,627
- Points
- 0
<TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published January 4, 2010
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Part of Transcu CEO's stake in company seized
Matsumura has filed application to S'pore High Court for stay of execution
By OH BOON PING
<TABLE class=storyLinks border=0 cellSpacing=4 cellPadding=1 width=136 align=right><TBODY><TR class=font10><TD width=20 align=right>
</TD><TD>Email this article</TD></TR><TR class=font10><TD width=20 align=right>
</TD><TD>Print article </TD></TR><TR class=font10><TD width=20 align=right>
</TD><TD>Feedback</TD></TR><TR class=font10><TD colSpan=2><!-- AddThis Button BEGIN -->
<SCRIPT type=text/javascript src="http://s7.addthis.com/js/250/addthis_widget.js#pub=xa-4ae026ba0e05c08d"></SCRIPT><SCRIPT type=text/javascript> var addthis_config = { username: "xa-4ae026ba0e05c08d", services_compact: 'facebook, twitter, favorites, myspace, google, digg, live, delicious, stumbleupon, more', services_exclude: 'print', data_use_flash: false } </SCRIPT> <!-- AddThis Button END --></TD></TR></TBODY></TABLE>TRANSCU Group's chief executive had a part of his stake in the company seized under a lawsuit between him and a third party.
<TABLE class=picBoxL cellSpacing=2 width=100 align=left><TBODY><TR><TD>
</TD></TR><TR class=caption><TD>The judgement debt leading to the seizure of his shares arose out of a guarantee provided by Mr Matsumura 19 years ago. </TD></TR></TBODY></TABLE>In a statement over the weekend, the Japanese firm said that Akihiko Matsumura's direct interest in 497.6 million shares was seized to satisfy a judgement debt amounting to $15.7 million due to Bellezza Club Japan (BCJ). As at Dec 14, Mr Matsumura held some 545.5 million shares in Transcu, amounting to 26.68 per cent of the company.
The judgement debt arose out of a guarantee provided by Mr Matsumura 19 years ago over a discontinued business venture with BCJ. Mr Matsumura had ceased to be the president of BCJ 15 years ago.
According to Transcu, Mr Matsumura has filed an application in the High Court here for a stay of execution on the seizure, as there is currently a pending appeal in respect of the judgment debt. The hearing for the application is scheduled for tomorrow.
Transcu clarified that the matter will not have an immediate and direct impact on its business operations.
Transcu, which earlier announced an issue of up to $80 million of one per cent convertible notes to subscriber Advance Opportunities Fund, has since terminated the plan.
UOB-Kay Hian had earlier imposed restrictions on the stock, due to high trading volumes coupled with 'rapid and inexplicable' price jumps, according to a BT report.
Transcu's projects include final stage clinical trials for its trans-dermal drug delivery (drug patch) system to obtain US Food & Drug Administration (FDA) approval.
The company is targeting commercialisation of the trans-dermal patches, which can deliver pain-killing and other drugs via the skin by early 2011.
Transcu's other two divisions develop green energy solutions and new-age skin replenishing and anti-ageing cosmetics. It has already filed nearly 200 patents.
The company - listed on the Singapore Exchange in 2008, through a $675 million reverse takeover of Eng Wah Organisation - posted a loss of some $7.3 million for the three months ended June 30.
</TD></TR></TBODY></TABLE>
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Part of Transcu CEO's stake in company seized
Matsumura has filed application to S'pore High Court for stay of execution
By OH BOON PING
<TABLE class=storyLinks border=0 cellSpacing=4 cellPadding=1 width=136 align=right><TBODY><TR class=font10><TD width=20 align=right>
</TD><TD>Email this article</TD></TR><TR class=font10><TD width=20 align=right></TD><TD>Print article </TD></TR><TR class=font10><TD width=20 align=right></TD><TD>Feedback</TD></TR><TR class=font10><TD colSpan=2><!-- AddThis Button BEGIN --><SCRIPT type=text/javascript src="http://s7.addthis.com/js/250/addthis_widget.js#pub=xa-4ae026ba0e05c08d"></SCRIPT><SCRIPT type=text/javascript> var addthis_config = { username: "xa-4ae026ba0e05c08d", services_compact: 'facebook, twitter, favorites, myspace, google, digg, live, delicious, stumbleupon, more', services_exclude: 'print', data_use_flash: false } </SCRIPT> <!-- AddThis Button END --></TD></TR></TBODY></TABLE>TRANSCU Group's chief executive had a part of his stake in the company seized under a lawsuit between him and a third party.<TABLE class=picBoxL cellSpacing=2 width=100 align=left><TBODY><TR><TD>
</TD></TR><TR class=caption><TD>The judgement debt leading to the seizure of his shares arose out of a guarantee provided by Mr Matsumura 19 years ago. </TD></TR></TBODY></TABLE>In a statement over the weekend, the Japanese firm said that Akihiko Matsumura's direct interest in 497.6 million shares was seized to satisfy a judgement debt amounting to $15.7 million due to Bellezza Club Japan (BCJ). As at Dec 14, Mr Matsumura held some 545.5 million shares in Transcu, amounting to 26.68 per cent of the company.The judgement debt arose out of a guarantee provided by Mr Matsumura 19 years ago over a discontinued business venture with BCJ. Mr Matsumura had ceased to be the president of BCJ 15 years ago.
According to Transcu, Mr Matsumura has filed an application in the High Court here for a stay of execution on the seizure, as there is currently a pending appeal in respect of the judgment debt. The hearing for the application is scheduled for tomorrow.
Transcu clarified that the matter will not have an immediate and direct impact on its business operations.
Transcu, which earlier announced an issue of up to $80 million of one per cent convertible notes to subscriber Advance Opportunities Fund, has since terminated the plan.
UOB-Kay Hian had earlier imposed restrictions on the stock, due to high trading volumes coupled with 'rapid and inexplicable' price jumps, according to a BT report.
Transcu's projects include final stage clinical trials for its trans-dermal drug delivery (drug patch) system to obtain US Food & Drug Administration (FDA) approval.
The company is targeting commercialisation of the trans-dermal patches, which can deliver pain-killing and other drugs via the skin by early 2011.
Transcu's other two divisions develop green energy solutions and new-age skin replenishing and anti-ageing cosmetics. It has already filed nearly 200 patents.
The company - listed on the Singapore Exchange in 2008, through a $675 million reverse takeover of Eng Wah Organisation - posted a loss of some $7.3 million for the three months ended June 30.
</TD></TR></TBODY></TABLE>
