Yongnam unit receives letter of demand for overdue payments
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At least two other letters of demand were issued to Yongnam Engineering & Construction earlier this year.
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Paige Lim
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SINGAPORE – Yongyam Engineering & Construction, a wholly owned subsidiary of steel fabricator Yongnam Holdings, has received a letter of demand from Arcent for overdue payments.
The letter of demand, dated Sept 6, is for a sum of $36,969.68 for services rendered by Arcent – a supplier of cutting and welding equipment – and its supply of parts to the machinery of Yongnam Engineering & Construction.
According to the letter of demand, Arcent has allegedly been trying to recover the overdue payments since Jan 27, 2023, “but has not been successful in doing so”, said the judicial managers of Yongnam Holdings in a bourse filing on Monday.
The letter of demand wants overdue payments to be made by Oct 5.
At least two other letters of demand were issued to Yongnam Engineering & Construction earlier in 2023.
On Sept 5, the unit received a letter of demand from the attorney of Malayan Banking Berhad in relation to outstanding payments of RM15.9 million (S$4.6 million) due under three loan facilities.
Then on Sept 11, it received another letter of demand from Mitsui Bussan Pana Harrison – issued by the solicitors of Ergo Insurance – in relation to outstanding payments due under a workman’s compensation policy.
Trading of Yongnam Holdings’ shares has been suspended since Nov 24, 2022. THE BUSINESS TIMES
