Ascent Bridge Faces Legal Challenge Over Proposed Placement

MT Newswires10-03

Ascent Bridge (SGX:AWG) said MTBL Global Fund has filed a summons for injunction and an originating claim against the company and its directors, excluding Luke Anthony Furler, according to a Wednesday filing on the Singapore Exchange.

The action seeks to restrain the directors - Sun Quan, Qiu Peiyuan, Tan Khee Giap, and Siow Chee Keong - from fulfilling company obligations under the agreements related to its proposed placement disclosed Sept. 26.

On Oct. 2, Justice Chan Seng Onn granted an interim prohibitory injunction, preventing the directors from proceeding with these obligations until MTBL Global Fund's claim is resolved.

The board, excluding Furler, who serves as a court-appointed joint official liquidator of MTBL Global Fund, is seeking legal advice regarding the claims and the injunction.

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