SingPost consulting advisors to defend itself in arbitration case
This after the accuser recently filed his statement of claim in the case.
Singapore Post Limited (SingPost) announced that it will defend itself against its accuser, who recently filed allegations in an arbitration case.
The arbitration against SingPost wholly-owned subsidiary, SingPost Logistics Investments (SPLI) refers to the share purchase agreement and shareholders’ agreement (SHA) to Famous Holdings Pte Ltd and its subsidiaries.
In February 2022, the accuser claimed that SPLI of violations of the SHA which impacted the final amount payable for the accuser’s remaining 37.5% of shares in FHPL.
Six months later, the accuser again filed a statement of claim where he mentioned that even though he already raised the supposed breaches of the SHA in the previous arbitration, facts relating to these violations were not examined by the partial award. He also quantified his claim at more than $16m plus interest.
The company disclosed that it will continue to defend itself against these allegations.
“The Company is in consultation with its advisors in relation to the dispute with [the accuser] and will make further announcements as and when there are material developments,” it said in an update posted on the bourse