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FINANCIAL NEWS
Drydocks World takes Singapore businessman to court
27 May 2010
(MENAFN) Drydocks World, Dubai World?s ship-repair unit, has filed a lawsuit against Singaporean tycoon Tan Boy Tee for breaching an agreement tied to a $1.7 billion takeover deal, Reuters reported.
Drydocks sued Tan in the Singapore High Court last month for the profits from buying and selling 11mn shares of Singapore shipbuilder Otto Marine Ltd No value was cited in Drydock?s claim.
Tan?s indirect interest in Otto breached a three-year non- compete clause in his agreement to sell Labroy Marine Ltd, a shipyard operator he founded, to Drydock in January 2008, the unit of the Dubai state holding company said.
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