Aoxin Q & M Dental Group (SGX:1D4) confirmed the receipt of a letter of demand against its chief executive officer, Shao Yongxin, for a sum of 72.3 million yuan from its controlling shareholder, Q & M Dental Group (SGX:QC7), according to a filing with the Singapore Exchange on Friday.
The sum arises from shortfalls under certain profit guarantees made by the CEO in connection with the acquisition of Shanghai Q & M Investment Management & Consulting of Shenyang Xinao Hospital Management from Shao.
The controlling shareholder is seeking legal advice and is expected to consider all available options to recover the amount.
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