Copyright 2000 Times Business Publications
Business Times (Singapore)
May
27, 2000, Weekend Edition
SECTION:
Singapore News; Pg. 6
LENGTH:
222 words
HEADLINE:
Court orders winding up of Tong Tien See
BYLINE:
Andrea Tan
BODY:
Provisional
liquidator
Yin is now the
liquidator
THE High Court yesterday ordered the winding up of beleaguered construction firm Tong Tien See.
Yin Kum Choy, the provisional
liquidator,
was also appointed as the
liquidator.
He had replaced Pricewaterhouse Coopers who was its interim judicial manager.
The Grade 8 contractor -i.e. it can tender for government projects worth $ 50 million and above -had contested Mr Yin's appointment.
Tong Tien See owes about $ 56 million to 34 trade creditors and the banks. The creditors have all done sub-contract works and/or supplied materials to the company.
Of the trade creditors, five are listed companies. They are owed about $ 16.7 million in all. Nam Lee Pressed Metal Industries, one of the listed companies, has about $ 9.3 million outstanding in debts from Tong Tien See.
Foo Maw Shen of Ang & Partners represented the 33 creditors who are owed a total of $ 32.3 million. Tong Tien See was represented by B Mohan Singh from Ramdas & Wong.
Recently, another construction firm Steady Piling, which is a former subsidiary of listed Hor Kew Corporation was wound up.
Several other smaller construction-related companies have also been struck off the Register of Companies. They include Civil Seng Construction and Eliezer Engineering & Construction Pte Ltd.