Advanced Systems Automation (SGX:WJ9) received a statutory demand from ZICO Capital, for an amount of SG$643,535, which covers unpaid invoices for continuing sponsorship services and services for the acquisition of LSO Organization.
ZICO has threatened to commence winding-up proceedings against the company if payments aren't made within three weeks, according to a Thursday filing with the Singapore Exchange.
The company has disputed the claim and intends to fight it following legal advice.
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