Transcu shocker: $5m loan from Chairman yet to be received by company as shares suspended on warnings of cash flow crisis

On June 1, Transcu received a firm commitment from CEO Akihiko Matsumura for the $5m shareholders loan, but according to sources, the loan “is still not physically within the company yet”.

Adding to Transcu’s woes is the fact that there are outstanding personal litigation matters that Mr Matsumura faces since 2010, according to sources, and the board of directors requested for more evidence as well as proof that he can provide this loan.

The Group plans to cope by involving itself in alternative financing platforms. On June 9, it announced suspension of trading of the Company’s shares.

Sources also told Singapore Business Review that apart from these alternative platforms, the Group is also looking at undergoing some cost restructuring internally, so as to reduce the cost.

As of July 13, the Group announced that it is still facing immediate cash-flow concerns, which is the reason for the continued suspension of the Company’s shares.

The Company is continuing to pursue its business deals and objectives to raise the necessary longer term funding to keep the Company afloat, however, such transactions have taken longer to conclude than usual.

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