LONDON (Alliance News) - Adamas Finance Asia Ltd Monday said it has received a further USD750,000 from Global Pharm Holdings Group Inc.
Adamas Finance Asia was due to receive an initial USD2.4 million at the end of 2014, a further USD9 million at the end of March, and a final payment of USD13.6 million at the end of April, all under a redemption agreement disclosed on December 18, 2014.
The initial payment was received. However, the company said, the second and third payments were not made in accordance with the agreement.
It has now received three payments, each of about USD750,000, which have been offset against the USD9 million.
"Overdue amounts from the two payments due on 31 March 2015 and 30 April 2015 are subject to penalty interest of 26% per annum, compounded on a daily basis," the company said.
"The company's investment manager, Adamas Global Alternative Investment Management Inc, remains in discussions with Global Pharm to resolve the matter and agree a revised redemption schedule," the company said.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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