The Board of Directors of Commercial Credit and Finance PLC has informed the Colombo Stock Exchange that they have received communication from Cosimo Borell of Kroll Pte. Ltd, indicating that a winding-up order was issued by a Singapore Court on March 4, 2024 against Group Lease Holdings Pte. Ltd.
This entity holds a significant stake of 29.99% in Commercial Credit and Finance PLC as of December 31, 2023, rendering it the second-largest shareholder of the Company.
In addition Cosimo Borell of Kroll Pte. Ltd has been appointed as the Liquidator for Group Lease Holdings Pte. Ltd. to oversee the liquidation proceedings.
In addition to this development, Selvam LLC, advocates and solicitors of Singapore, has notified the Board of Directors of Commercial Credit and Finance PLC, that Group Lease Public Company Limited (GL Thailand) the sole shareholder and secured creditor of Group Lease Holdings Pte. Ltd, has lodged an appeal with the Singapore Court of Appeal regarding the aforementioned orders issued on March 4.
