UCars has been served a notice of demand – a legal letter – by directors of its holding company, 21 United Holdings, to repay more than $400,000.
Several directors at 21 United Holdings have also stepped down. They include former chairmen Eddie Loo and Albert Neo, as well as other founding members who were among some, which they felt was competing directly with them. None of the directors and former directors The Straits Times spoke with wanted to be quoted by name. But an insider said troubles began around three years ago, with mounting losses and eroding shareholder funds.
As a result, some of the staff at CarBuyer and Top Gear were owed salaries. Eventually, the entire team of close to 10 people from the two publications were laid off in February. Two of them have since rejoined, but have been put on a profit-sharing scheme.