Epicentre resists bid to put it under judicial management

Catalist-listed Epicentre has filed an affidavit to resist creditor Goh Chee Hong's application for the company to be placed under judicial management, the former Apple reseller announced late on Wednesday night.

In a separate response to Singapore Exchange (SGX) queries, Epicentre said yesterday that former director Kenneth Lim, who is uncontactable, was a key cog in a number of loans the company is questioning.

The firm is also disputing certain claims on the basis that the debts were not within the knowledge of the company's current independent directors.

Among other things, Epicentre said it was not aware of who initiated the reassignment of a loan from MDR to a Mr Edward Lee.

The SGX noted that the MDR loan was used to repay a loan from LLS Capital, and questioned the company on the amount and what it was used for.

Epicentre said in response that the loan from LLS Capital amounted to $5 million. According to its records, $2.85 million was used for advance payment to Shenzhen Blueway Technologies related to a supply agreement, $1.85 million was used to pay ECS Computer (Asia) and Apple South Asia and $200,000 was paid to Mr Lim, as his salary for June to December 2016.

Epicentre added that it has no dealings with creditors Gemma Martinez or Curtichs Javier, and is therefore unable to provide any information on them.

Epicentre shares have been suspended since May 30.

A version of this article appeared in the print edition of The Straits Times on August 02, 2019, with the headline 'Epicentre resists bid to put it under judicial management'. Print Edition | Subscribe