The boss of timber flooring specialist Jason Holdings is in a dispute with CIMB Securities (Singapore) over the alleged non-payment of share-trading losses of more than $1 million, The Straits Times has learnt.
ST understands $1.1 million in losses was allegedly incurred in one trading account and about $60,000 in another between July and August.
Mr Jason Sim Chon Ang, the firm's executive chairman and chief executive (CEO), was served with a writ of summons last week by Allen & Gledhill, which is acting for CIMB Securities.
Jason Holdings told the Singapore Exchange (SGX) yesterday that the claim is over a "contractual dispute between CIMB and Mr Sim".
The group's directors noted that the claim is against Mr Sim in his personal capacity and does not affect the company's operations.
Mr Sim intends to contest the claim. He told The Straits Times: "My lawyer has asked CIMB to show us the documents that prove who traded my account."
The board said in the SGX statement that "it is in the best interest of the company that Mr Sim continues as the executive chairman and CEO of the company". It added that it may reassess Mr Sim's suitability to continue to act as executive chairman, CEO and board member later.