Jason Holdings warns of ‘material and adverse impact’ on business in update

SINGAPORE (June 2): Jason Holdings has warned of a “material and adverse impact” on the financial position, performance, business and operations of the group due to the start of legal proceedings from creditors Tiong Seng Contractors, Australia and New Zealand Banking Group (ANZ) and Malayan Banking Berhad.

In an update to the Singapore Exchange, Jason says JPSS on May 25 received a letter of demand by the solicitors of Tiong Seng in relation to approximately $390,000 of outstanding debt that is due and owing by Jason Parquet Specialist (Singapore) (JPSS). The letter stated that Tiong Seng will start legal proceedings if payment is not made within seven days of the letter of demand dated May 31 which has lapsed.

On May 26, the solicitors of ANZ started suit no. HC/S 550/2016 in the High Court of Singapore against the directors of JPSS, being the joint and several guarantors for the repayment of banking facilities granted by ANZ to JPSS amounting to $1.69 million.

---

Related Stories

• Tiong Seng wins MCCY contract worth $192.3 mil for development of Outward Bound Singapore campus on Coney Island
• Tiong Seng awarded $287 mil contract by JTC
• Multimedia ICT solutions provider Revez Corp takes over listing of troubled Jason Holdings via RTO

---