WongPartnership issues payment demand to United Food for S$358,000 in unpaid professional fees
[SINGAPORE] United Food announced on Friday (Dec 5) that it received two letters of demand dated Dec 3 from WongPartnership, on behalf of the firm with respect of professional fees previously rendered to the company.
They stated that the group failed to pay the invoices of S$23,372.51 and S$335,594.37, respectively.
Payment of these sums is required by Dec 17, the bourse filing indicated.
If United Food fails to make payment, WongPartnership stated it will take all “necessary steps” to recover the amounts, which include beginning legal proceedings against the company.
The group said that it is currently seeking legal advice on the letters, and will make additional announcements in due course.
Based on the company’s earnings for its second quarter ended Sep 30, it recorded zero yuan in revenue in its balance sheet. It also had no revenue in the same period a year prior, according to a bourse filing on Nov 21.
External auditors of United Food previously issued a disclaimer of opinion in audit on its financial statements for FY2020 and FY2021. KPMG Forensic, a division of KPMG Services, was thereafter appointed to conduct the special audit in December 2021.
In a report on Aug 4 by The Business Times, several “unusual” cash transactions within the company had been discovered by auditors, along with “potential contraventions” of Singapore Exchange listing rules, after the years-long special audit.
The investment holding company later announced that it will delist, due to its failure to address concerns raised in an Aug 5 special report by the auditors.
Trading of shares of United Food has been suspended since September 2021, with its last traded price at S$0.043.
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