FAS seeks to recover $3m from media rights firm

MP & Silva has witnessed its London headquarters declared insolvent by the Britain's High Court of Justice, and its Singapore office is now set to follow on the same path.
MP & Silva has witnessed its London headquarters declared insolvent by the Britain's High Court of Justice, and its Singapore office is now set to follow on the same path.PHOTO: ST FILE

Media rights company MP & Silva's (MPS) Singapore office is being wound up, following the insolvency of its London headquarters in October owing to millions of pounds of debt.

At stake for the Football Association of Singapore is the recovery of about $3 million in unpaid rights fees, as part of the $25 million, six-year exclusive rights deal in 2015 that was the governing body's biggest partnership.

MPS' accounts have been frozen, its staff contracts terminated, and all the physical assets at its Singapore headquarters just off Portsdown Avenue were auctioned off for some $22,000.

It is understood FAS representatives were present at a meeting for creditors on Dec 12 at the office of PricewaterhouseCoopers, MPS' provisional liquidators, in a bid to recover the money.

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A version of this article appeared in the print edition of The Sunday Times on December 30, 2018, with the headline 'FAS seeks to recover $3m from media rights firm'. Print Edition | Subscribe