Fashion
UOB has asked Libra Group, which is mired in financial troubles, to pay up $18.8 million.
UOB has issued a letter of demand to Libra Group for the above amount, based on outstanding banking facilities, the Catalist-listed company announced in a filing on Friday. The letter, dated Oct 8, reveals that events of default have occurred, and «UOB shall cease to be under any further commitment to the Company.»
The entire sum of $18.8 million is immediately payable to the bank by last Friday, the filing said.
The Singapore lender also issued a letter demand to Kin Xin Engineering, a unit of Libra that provided guarantees for the US$18.8 million sum, for repayment by the same deadline.
Another Libra unit, Libra Engineering & Manufacturing, separately received a letter of demand dated Sept 30 from WMS Industrial Gas & Equipment for 72,940 Ringgit (S$23,940), related to goods sold and delivered.
