In a bourse filing on Dec 18, ValueMax says that the gold charm and gold earrings were unredeemed pawned items procured through separate sources by the group.
“As the legal proceedings are still ongoing, VMR shall vigorously and robustly defend these claims brought forward by LV at every appropriate legal stage and will take all necessary action to defend its reputation. Considering the circumstances of the acquisition of the items, VMR further regrets that the parties have not been able to meaningfully and amicably resolve the issue in their mutual interests,” the group adds.
LV has commenced legal proceedings in the Singapore High Court against ValueMax Retail.
Shares in ValueMax closed 1 cent lower or 1.026% down at 96.5 cents on Dec 18.
