The first of three legal settlement payments to Catalist-listed KLW Holdings has failed to go through after the cheque presented for the payment bounced, the company said in a Singapore Exchange filing yesterday.
On Dec 4, KLW announced it had received a $1 million cheque that was due for clearance only on Dec 10. It said it would monitor the clearance of the cheque to decide its next course of action.
KLW is claiming a total of about $7.8 million from investor Michael Chan Ewe Teik and his company Straitsworld Advisory for legal costs and the commitment fees paid under an unauthorised term sheet for a property development project in Zhangye Gansu, China.
Mr Chan had appealed against a bankruptcy order filed against him by KLW in February to recover the payments. In the settlement proposal dated Nov 29, he was meant to pay $1 million by Dec 3, $1.5 million by Jan 3, and the remaining $5.3 million by April 7.
In its filing yesterday, KLW said it is "considering all options available against Mr Chan" and will make further announcements as and when there are any material developments concerning this matter.
OUE Lippo Healthcare
OUE Lippo Healthcare (OUELH) is developing and operating an international hospital in Prince Bay, Shenzhen, in partnership with Hong Kong-based, state-owned conglomerate China Merchants Group.
The company yesterday said it has signed a non-binding letter of intent with China Merchants Shekou Industrial Zone Holdings (CMSK) to jointly build, run and manage a high-end international hospital that is expected to have more than 200 beds serving the local community.
CMSK is listed on the Shenzhen Stock Exchange and is involved in industrial park and community development and management, and cruise infrastructure development and management.
The proposed hospital is set to benefit from the growth of the medical tourism industry in the Guangdong-Hong Kong-Macau Greater Bay Area, said Mr Lee Yi Shyan, chairman of OUELH.
Shekou, where the proposed project is located, is at the southern tip of Nanshan. Shekou was designated a Free Trade Zone by the Chinese government in 2015. It is a vibrant commercial area, home to many Fortune 500 Chinese companies attracted to its connectivity, location and growth potential, OUELH said.