The arbitration is related to a share purchase agreement (SPA) and shareholders’ agreement (SHA) in relation to Famous Holdings.
Tan Ho Sung @ Taufiq Tan, who commenced arbitration proceedings against Singapore Post’s (SingPost) wholly-owned subsidiary, SingPost Logistics Investments Pte Ltd, has quantified his claim at $16.5 million plus interest.
The arbitration is related to a share purchase agreement (SPA) and shareholders’ agreement (SHA) in relation to Famous Holdings and its subsidiaries.
In the notice of arbitration served on SingPost Logistics on Feb 22, Tan had alleged that there were breaches of the SHA which impacted the final amount payable for his remaining 37.5% of shares in Famous Holdings.
He had further filed his statement of claim in the arbitration on Aug 8, where he alleged that SingPost Logistics breached the SHA by not seeking his approval to the appointment of key personnel of Famous Holdings, the settlement of Famous Holdings of a previous litigation, the acquisition of assets, shares or other equity interests by Famous Holdings, as well as the incurring of capital expenditures by Famous Holdings.
SingPost says it will “continue to defend itself” against the allegations.
Shares in SingPost closed at 62.5 cents on Aug 12.