Laguna golf club delays $120,000 payout to members
Unsecured notes sold with memberships were due for redemption last Friday
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Laguna National golf and country club owner Peter Kwee told The Straits Times it was highly unlikely he would be able to pay the $120,000 owed to each note holder and he was determining Laguna's final accounts.
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A potential legal dispute involving tens of millions of dollars appears on the horizon at Laguna National after the golf and country club's owner Peter Kwee informed the debenture holders that the redemption of their unsecured notes will be delayed.
In a letter dated last Thursday and signed by Mr Kwee, the club acknowledges that as part of the trust deed, the 30-year-old notes were due for redemption last Friday but the club is unable to do so "due to our financial position". Mr Kwee, who is a director of Laguna National, added that the club will "take the necessary steps to finalise our accounts and revert to you again".
