Company Briefs: First Ship Lease Trust

First Ship Lease Trust alleged that former chief executive officer, Mr Alan Hatton, had breached his duties.
First Ship Lease Trust alleged that former chief executive officer, Mr Alan Hatton, had breached his duties.PHOTO: FSL TRUST

First Ship Lease Trust

FSL Trust Management, the trustee management of First Ship Lease Trust, yesterday said it has settled a legal suit that it brought against its former chief executive officer, Mr Alan Hatton. The suit was made public in July last year, with FSL Trust alleging that Mr Hatton had breached his duties. Mr Hatton subsequently commenced a counterclaim. Yesterday, the parties said both the claim and the counterclaim have been "amicably resolved, and the allegations of all parties are withdrawn".

Stratech

BDO, the court-appointed liquidators of mainboard-listed The Stratech Group, yesterday said Stratech's announcement last Thursday of its winding-up and announcement of liquidators had been carried out without BDO's prior written approval and knowledge.

As Stratech and its subsidiary Stratech Systems have been placed in liquidation under a Singapore court, its directors no longer have any power or authority to represent or act on behalf of the firm without the liquidators' prior written consent. BDO stated it has emphasised this to company directors, the husband-and-wife team of executive chairman David Chew Khien Meow and executive director and chief corporate officer Leong Sook Ching, "on numerous occasions".

Transactions entered into without the liquidators' consent may not be recognised by BDO or binding. BDO said it is "currently holding discussions with both Mr Chew and Ms Leong, and is in the midst of reviewing the companies' books and records to evaluate the affairs of the companies".

Trading in Stratech's shares remains suspended.

Yoma Strategic

Yoma Strategic said its subsidiary Yoma Fleet is partnering Myan Shwe Pyi Tractors (MSP CAT), the authorised dealer of Caterpillar-branded heavy equipment in Myanmar.

Yoma Fleet is an automotive and heavy equipment financing platform, and the new partnership will support MSP CAT's retail and rental business, as well as provide funding for its customers, Yoma said.

Yoma Fleet will initially finance MSP CAT's existing rental portfolio for an amount of about US$7 million (S$9.5 million). This includes 71 pieces of heavy equipment, of which 63 are Caterpillar machines. In addition, Yoma Fleet will become the preferred financing partner for MSP CAT's customers.

A version of this article appeared in the print edition of The Straits Times on September 25, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe