Epicentre reveals more statutory demands amid CEO's disappearance

In its Wednesday night filing in response to queries by the Singapore Exchange, Epicentre says it had on June 11 received new statutory demands from three of its former independent directors – Giang Sovann, Lim Jin Wei and Azman Hisham bin Ja'afar – for outstanding directors’ fees totalling $50,001.

This latest statutory demand received on June 11 is in addition to three other statutory demands the group had received on May 21 and May 27 which was addressed in greater detail.

Epicentre says the May 21 statutory demand for $3 million came from Goh Chee Hong who provided a loan to the company. The other statutory demand of $0.42 million was made by ELush -- the operator of Apple reseller iStudio -- for outstanding trade debts.

The third statutory demand dated May 27 was based on debts amounting to $1.56 million owed by the group to Lim, of which $1.3 million was assigned to Jonathan Lim, executive director of Japan IPL Holdings, a subsidiary of Epicentre.

Epicentre says the independent directors were not notified of the statutory demands when they were first received on May 21 as Lim had management he would talk to Goh to settle the two statutory demands, given the company was at the final stage of completing the proposed placement.

Regarding the third statutory demand dated May 27, Epicentre says its financial controller Ruth Xu was overseas at that time and had returned only on May 30.

"Management only became aware of it on May 30 and the independent directors were notified immediately," says Epicentre.

Epicentre also estimated that the outstanding borrowings of the group totalled to some $8.6 million, with total debt (including loans and borrowings) amounting to about $9.8 million.

Among other issues, SGX also highlighted the forced disposal of 40.5 million Epicentre shares -- or a 1.52% stake -- in the open market that were charged to the Haitong group as "security for a transaction" and asked if Lim was involved in the transaction.

Epicentre says it has no background information on the deal and is also not aware if Lim was involved.

Lim was Epicentre's single largest shareholder as at April 29, and had held an 18.9% stake.

Shares in Epicentre, which are suspended, last traded at 18 cents.