June 25, 2017 12:10 AM ET

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Company Overview of Jason Parquet Specialist (S) Pte. Ltd.

Company Overview

Jason Parquet Specialist (S) Pte. Ltd. supplies and installs wood flooring for the private and public property markets in Singapore. The company was founded in 1988 and is based in Singapore.

16 Tampines Street 92

JP Building

Singapore,  528873

Singapore

Founded in 1988

Phone:

65 6783 2727

Fax:

65 6782 2727

Key Executives for Jason Parquet Specialist (S) Pte. Ltd.

Managing Director
Age: 50
Compensation as of Fiscal Year 2016.

Jason Parquet Specialist (S) Pte. Ltd. Key Developments

Jason Holdings Limited Provides Litigation Update Against Jason Parquet Specialist (S) Pte. Ltd. by Far East Engineering & Construction Pte Ltd

The board of directors of Jason Holdings Limited announced regarding a litigation claim against Jason Parquet Specialist (Singapore) Pte Ltd. ("JPSS") by Far East Engineering & Construction Pte Ltd. ("FEEC"). In August 2015, FEEC commenced a suit against JPSS, claiming for a total of approximately SGD 194,000. The claim is in connection with disputes over sanding and varnishing works performed by FEEC at various housing projects. Subsequently, JPSS counterclaimed against FEEC in the Suit for loss and damage occasioned by defective works and damage caused to fixtures and fittings at the same housing projects. The value of the counterclaim is estimated to be in excess of SGD 400,000. In December 2015, FEEC commenced adjudication proceedings against JPSS under the Building & Construction Industry Security of Payments Act in respect of the same matters raised in the Suit. The adjudication proceedings represent over 85% of FEEC's claims in the Suit. In early January 2016, FEEC obtained adjudication orders against JPSS in respect of the aforementioned adjudication proceedings. In late January 2016, FEEC converted the adjudication orders into Orders of Court. The cumulative effect of the Orders of Court is that JPSS is to pay FEEC a total of approximately SGD 206,000 (inclusive of costs). On 29 March 2016, FEEC executed the said Orders of Court by way of Writs of Seizure and Sale on certain assets of JPSS at JPSS's warehouse and premises.

Jason Parquet Specialist (Singapore) Pte Ltd and Lian Beng Construction (1988) Pte Ltd Reach Out-Of-Court Settlement

Jason Parquet Specialist (Singapore) Pte Ltd. is the subject of a claim in High Court Suit 1262 of 2014 for SGD 1,228,454.55 by Lian Beng Construction (1988) Pte Ltd. JPSS has a counterclaim against LBC in the Suit for SGD 545,435.71. Further to the announcements, the board of directors of the Jason Holdings Limited (company) announced that LBC and JPSS have, on 14 July 2015, reached an out- of-court settlement with regard to all matters in connection with the suit. The company is not able to disclose the terms of the settlement due to a confidentiality clause agreed between the parties as part of the settlement. As announced by the company on 22 December 2014, JPSS and Mr. Jason Sim Chon Ang (Executive Chairman and Chief Executive Officer) had entered into a deed of guarantee and indemnity under which Mr. Sim undertook to fully indemnify JPSS against all legal costs and damages that may arise out of the Suit. Mr. Sim has fully discharged his obligations under the Deed and JPSS will be releasing Mr. Sim from the Deed.

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