UOB Issued Letter of Demand To Libra Group

Oct 24, 2019Updated Oct 15, 20191 min read

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.

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Mei Ling Tan

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Mei Ling Tan is the Editor of Retail News Asia, where she leads the editorial team in delivering in-depth coverage of Asia’s dynamic retail landscape. With over a decade of experience in business journalism, Mei Ling is known for her sharp analysis, deep industry insights, and commitment to uncovering the stories behind Asia’s most innovative retail brands. Before joining Retail News Asia, Mei Ling held senior reporting roles at regional business publications, covering everything from consumer trends to digital transformation in retail. A graduate of the National University of Singapore with a degree in Communications and New Media, she combines journalistic integrity with a strong understanding of evolving market forces. Outside the newsroom, Mei Ling is a frequent speaker at industry panels and a mentor for young journalists.

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