UOB has asked Libra Group, which is mired in financial troubles, to pay up $18.8 million.
UOB has issued a letter of demand to Libra Group for the above amount, based on outstanding banking facilities, the Catalist-listed company announced in a filing on Friday. The letter, dated Oct 8, reveals that events of default have occurred, and «UOB shall cease to be under any further commitment to the Company.»
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The entire sum of $18.8 million is immediately payable to the bank by last Friday, the filing said.
The Singapore lender also issued a letter demand to Kin Xin Engineering, a unit of Libra that provided guarantees for the US$18.8 million sum, for repayment by the same deadline.
Another Libra unit, Libra Engineering & Manufacturing, separately received a letter of demand dated Sept 30 from WMS Industrial Gas & Equipment for 72,940 Ringgit (S$23,940), related to goods sold and delivered.