Jason Holdings' CEO Jason Sim in contractual dispute with CIMB Securities

SINGAPORE - Jason Holdings chairman and chief executive Jason Sim has been served with a writ of summons by CIMB securities over a contractual dispute, the floor specialist said on Monday (Nov 30) morning.

The firm said that the dispute was over Mr Sim's personal affairs and did not affect the business or operations of the group and that he intends to contest the claim.

But the firm did not provide further details of the dispute.

The directors of Jason Holdings have also decided to continue with Mr Sim as the company's chairman and chief executive.

In June, the company said that Mr Sim pledged more than 70 million of his shares in the company to various creditors.

In September, he redeemed 24 million of the shares pledged to various creditors - 20 million shares pledged to Maybank, as provision of collateral for a revolving credit facility; two million shares pledged to OCBC Securities, as provision of collateral for a share financing facility; two million shares pledged to Maybank Kim Eng Securities, as provision of collateral for a share margin financing arrangement.

A month later, on Oct 29, Mr Sim said he had sold 42 million of his shares, representing about 19.81 per cent of the company, to Lim Chwee Kim for S$3.21 million.