Don' t anyhow short

The court is restraining mainboard-listed mDR from dealing with a property linked to its loan dispute with MKY Capital, the company said in a bourse filing on Thursday (Feb 10).

 

In 2021, mDR, which is an after-market service provider for consumer mobile products, had appointed receivers for a property located on 8 Devonshire Road, after MKY had defaulted on certain interest payments for a $24 million loan. The property was used to secure mDR' s loan to MKY through an all-monies mortgage.

 

MKY later filed an originating summons against mDR, to seek, among other things, the declaration that MKY is entitled to exercise its equitable right of redemption over the property, and that mDR was wrong to refuse to redeem the mortgage upon payment by MKY.

 

Pending final determination on the originating summons, the court has ordered mDR and the receivers, Abuthahir Abdul Gafoor and Yessica Budiman of AAG Corporate Advisory, to be restrained, whether by themselves or through their agents, from selling, disposing of, or otherwise dealing with the property.

 

mDR had earlier terminated its chief operating officer after investigations by the company and the police into suspected misconduct.

 

The move came after the company said it discovered two separate cases of unauthorised use of the group' s marketing incentive rebates - amounting to around $2.08 million - at its subsidiaries.

MAINBORAD-LISTED mDR has terminated the employment of group chief operating officer Richard Siau effective Dec 23 after investigations by the company and the police into suspected misconduct.

 

In a bourse filing on Thursday (Dec 23), mDR noted that Siau will no longer hold any position in the company and/or the group. The company will search for a suitable replacement and will announce the appointment in due course.

 

In the interim, Ong Ghim Choon, the group chief executive, will assume the roles and responsibilities of Siau.

 

The move comes as mDR, an after-market service provider for consumer mobile products, on Dec 18 announced that it discovered 2 separate cases of unauthorised use of the group' s marketing incentive rebates at its subsidiaries - 3 Mobile Telecom, A-Mobile and Handphoneshop.

 

Two senior executives including one executive officer were persons of interest in the suspected misappropriation. Preliminary internal investigations showed that the aggregate amount misappropriated was approximately S$2.08 million, according to an earlier filing on Dec 18.

 

The individuals had used the rebates for the unauthorised sale of handsets and phone accessories, instead of promotional activities as intended.

 

mDR said that it had made a police report on Dec 15 and has been working with both the Commercial Affairs Department and the police.