SINGAPORE: Lifestyle company OSIM and its founder Ron Sim have sent a letter of demand to both the current and former chairman of mainboard-listed Trek 2000.
In a bourse filing on Wednesday (Dec 11), Trek 2000, the tech firm behind the invention of the thumbdrive, said its executive chairman Wayne Tan as well as former chairman and founder Henn Tan were named in the letter of demand.
The letter of demand alleges that Henn Tan and Trek 2000 made “fraudulent misrepresentations” when Sim bought its shares in June 2015 and that Sim had been “treated unfairly and contrary to his legitimate expectations as a minority shareholder of the company”.
A letter of demand, usually sent by lawyers, contains a list of demands. If the recipients – in this case, Trek 2000’s chairman and former chairman – do not meet these demands, legal action, such as a lawsuit, may follow.
According to Trek 2000’s 2023 annual report, Sim holds around 28.3 million shares in the company, making him the third largest shareholder (9.06 per cent) after Wayne Tan and flash memory maker Kioxia.
In June 2015, OSIM agreed to buy 24 million ordinary shares and 1 million treasury shares from Trek 2000 at around S$0.43 apiece.
.jpg?itok=aFZkgaRp "Climate Conversations – Best of: Must climate communication be so dense?")
