[sangkancil] STI sued over unpaid fees
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>From Singapore Straits Times
APR 18 1998
STI sued over unpaid fees
AN INVESTMENT holding company linked to a son of Malaysia's King has
been sued by a creditor of its sports car making operations to collect
unpaid fees and to be shut down.
World Eye Sports served a winding up order on STI Corporation --
controlled by the King's second son Tunku Tan Sri Imran Ibni Tuanku
Ja'afar and entrepreneur Datuk Vinod Sekhar -- on Feb 13, according to
a notice in a Malaysian newspaper yesterday.
Bloomberg News reported that media company World Eye was seeking to
retrieve US$39,500 (S$63,990) in advertising fees related to STI's
Bufori sports car assembly project.
"There have been attempts to settle the fees, but we haven't received
any response" from STI, the news agency quoted a lawyer at World Eye's
solicitors Lee, Ling & Partners in Kuala Lumpur as saying.
Datuk Sekhar, STI Corp's chief executive, was reported as saying that
the dispute will be cleared up "by next week."
"It will be settled. I'm fairly confident that there will be no
winding up," he said. "How this matter was knocked through is beyond
me," he was quoted as saying.
STI -- or Sekhar-Tunku Imran -- blazed a colourful trail through
Malaysia's corporate skies in the now lapsed boom years, announcing
plans from recycling waste rubber, internet services and film-making
to infrastructure projects in the Russian republic of Tatarstan.
Tunku Imran is also the group chief executive of publicly traded
retailer Antah Holdings, which owns the Malaysian franchise for
Pepsi-Cola and the 7-Eleven retail chain.
Antah also has a 24 per cent stake in Hwang-DBS, which owns one of
Malaysia's largest stock brokerages.
The suit against STI comes as concern about Malaysian corporate
bankruptcies is rising in the wake of two publicly-listed companies
being placed under receivership and another being sued by its bank.
http://www.asia1.com.sg/straitstimes/pages/stregb5.html
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