Dubai’s Drydocks Sues Singapore Tycoon Tan for Takeover Breach - Bloomberg.com

Drydocks World LLC, Dubai World’s ship-repair unit, has sued Singaporean tycoon Tan Boy Tee for breaching an agreement tied to a S$2.4 billion ($1.7 billion) takeover deal.

Tan agreed not to compete with Drydocks in ship repair and related industries when he sold Labroy Marine Ltd., a Singapore- based shipyard operator he founded, to the unit of the Dubai state holding company in January 2008, according to filings with the Singapore High Court this month.

Tan bought a stake in Singapore shipbuilder Otto Marine Ltd. earlier this year, according to a Feb. 4 statement from the company. The shares were bought in the name of Tan’s son, and were sold by March 10, according to the court documents.