MM2 Asia ordered to pay S$263,000 in outstanding CPF contributions

Media conglomerate MM2 Asia and its subsidiary MM2 Entertainment were ordered to make partial payments of S$263,000 in outstanding Central Provident Fund (CPF) contributions.

The company received a final adjournment on Aug. 19, CNA reported.

Contributions

MM2 Asia faces three charges of failing to pay CPF contributions to one employee from November 2025 to Jan. 6, 2026.

MM2 Entertainment faces eight charges that involved four employees in November and December 2025.

MM2 Asia has approximately S$22,000 in outstanding contributions, while MM2 Entertainment owes about S$241,000.

The total amount owed by the company and its subsidiary was not disclosed.

Melvin Ang Wee Chye, founder and executive chairman of MM2 Asia, reportedly told the court that an ongoing scheme of arrangement had constrained its ability to make CPF payments.

Its funds apparently could not come in until the process was completed.

In a previous court mention, the court directed MM2 Asia to pay at least S$11,000 and MM2 Entertainment at least S$60,000.

Ang said MM2 Asia remains committed to paying the sum.

However, it was prioritising staff salaries with the funds available.

He also claimed that MM2 Entertainment had paid S$20,000 towards its outstanding contributions on Aug. 18.

The prosecution reportedly said they would need time to verify the payments and noted that the company would still be S$40,000 short.

They sought a final adjournment for MM2 Asia and MM2 Entertainment to make the required payments.

It would proceed on three charges against MM2 Asia and eight against MM2 Entertainment.

The prescribed fine ranges from S$1,000 to S$5,000 per charge for first-time offenders, and the court will decide on the sentencing.

Both companies were granted a final adjournment, with a direction that they make the partial payments in full by the next hearing.

The case was adjourned to Sep. 16.

Financial issues

This comes after reports of MM2 Asia facing financial difficulties and undergoing restructuring.

It apparently owes millions of dollars to creditors and faces repayment demands from landlords over the now-defunct Cathay Cineplexes chain it used to operate.

MM2 Asia reportedly recorded a net loss of S$199.4 million for the year ended Mar. 31.

Trading in its shares was suspended on Nov. 10, 2025, after it said it could not demonstrate it could continue as a going concern.

MM2 Asia and MM2 Entertainment subsequently applied for moratoriums to facilitate their restructuring.