Terms of of the LOI does not provide for such a refund for the deposit save for under certain specified events under the contract, says the group, adding that Oxley Gem “reserves its rights to take all steps necessary to protect its interest”.
SINGAPORE (Mar 20): Oxley Gem, a subsidiary of Oxley Holdings, has terminated the letter of intent (LOI) it received from Gracious Land in Jan for the $950 million purchase of its Mercure and Novotel hotels, after not receiving a subsequent deposit of $38 million when it was due.
In a late night filing on Tuesday, the group says Gracious Land has requested for a refund of the initial $9.5 million deposit it paid for the two hotels on Stevens Road to Oxley Gem.
