Apart from the missing plane on international news, here in Singapore, another drama has unfolded for retail investors.
Technics Oil & Gas (SGX: 5CQ) was founded in 1990 and headquartered in Singapore. It has 350 employees and largely serves the oil and gas companies among its customers for repair and maintenance, leasing of equipment, and other various contract engineering projects. A part of its business also manufactures medical equipment.
Yesterday, it was announced to be caught in a legal tussle between 3 separate companies - Soilbuild REIT, Hup Seng Offshore Engineering, and its former director Ting Tiong Ching who had served the company for 17 years. Hup Seng also happens to be owned by his relatives.
The legal cases:
- $1.9 million repayment of loans, by Ting Tiong Ching
- $3 million repayment of loans, by Hup Seng.
- $2.19 million repayment of defaulted rent owed to ......