Q & M Dental Group (SGX:QC7) issued its group chief executive, Shao Yongxin, a letter of demand for the payment of a shortfall amount owed to the company, according to a filing with the Singapore Exchange on Thursday.
The demand for payment stems from the group's spin-off and listing back in October 2016 when its CEO had provided certain profit guarantees in connection with the acquisition by the company's subsidiary, Shanghai Q & M Investment management & Consulting of Shenyang Xinao Hospital Management Co from Shao.
The profit guarantee was secured by an escrow arrangement in which Shao was required to deposit certain sums for the duration of the profit guarantee.
However, as of Dec. 31, 2024, Shao owes the company around 72.3 million yuan and the amount remains outstanding.
Shares of the company were up nearly 4% in recent trading.
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