KLW Holdings files a writ of summons against investor

SINGAPORE - KLW Holdings has filed a writ of summons and statement of claim in the High Court of Singapore against investor Michael Chan Ewe Teik.

The writ was served on Tuesday and Mr Chan is an important officeholder on a counterparty of KLW.

KLW is asking for a payment of $7 million under certain terms undertaken by Mr Chan, for damages to be assessed, which includes financing costs from July 15 last year to Aug 25 August this year, interests and costs, and other relief deemed fit by the court.

KLW said: "The company will make further announcements on any material developments on the above proceedings at the appropriate time."