In a bourse filing on Dec 29, mm2 Asia says another subsidiary mmLive received a statutory demand from Yi for $18.9 million. Yi demanded the outstanding sum to be paid within three weeks from the date of service of the statutory demand.
Cash-strapped media entertainment and content company mm2 Asia says its subsidiary mm2 Entertainment has received a letter of demand for $6.3 million from solicitors representing an individual named Yi Xianhuang.
According to a Dec 31 bourse filing, mm2 Entertainment received the letter on Dec 28. Yi is demanding repayment for money owed under various investment agreements in relation to movie productions, as well as a refundable deposit for a television series. mm2 Entertainment is to make full repayment by Jan 9, failing which Yi may commence proceedings against the company without further reference.
