Although the negative account balances were incurred by the subsidiaries without any guarantee by the company, Saxo Bank is alleging Innopac is liable for the claim based on a Memorandum of Understanding signed on Dec 24 2013.
SINGAPORE (June 7): Investment holding company Innopac Holdings has received a letter of demand from Saxo Bank.
In a June 1 letter of demand from law firm Rajah & Tann Singapore, Saxo Bank is seeking a payment of approximately $14.7 million from Innopac to settle the negative account balances under the accounts maintained by its subsidiaries, Heritage Investment Corporation and Wang Da Investment.
