SINGAPORE: The current and former chair of Trek 2000, both the creator of the life company OSIM and Ron Sim, have received a letter of demand from SINGAPORE.
In a bourse filing on Wednesday ( Dec 11 ), Trek 2000, the tech company behind the thumbdrive, announced that its former chairman and founder Henn Tan as well as its executive chairman Wayne Tan and former chairman and founder, both of whom were named in the letter of demand.
When Sim bought its stocks in June 2015, Henn Tan and Trek 2000 allegedly made “fraudulent misrepresentations” and that he had been” treated badly and opposed to his reasonable expectations as a majority shareholder of the business,” according to the notice of desire.
A notice of desire, often sent by attorneys, contains a list of needs. If the recipients- in this case, Trek 2000’s president and former chairman- do certainly meet these demands, legal actions, such as a lawsuit, does following.
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 common shares and 1 million government securities from Trek 2000 at around S$ 0.43 every.