A Singapore court dismissed a suit by Dubai’s Drydocks World LLC against Singaporean tycoon Tan Boy Tee for breaching an agreement tied to a S$2.4 billion ($1.8 billion) takeover deal.
Drydocks, which sued Tan for breaching a three-year non- compete clause, relied on “hearsay evidence,” Singapore High Court Judge Lai Siu Chiu said in an Aug. 25 ruling, publicly released today. Dubai World’s ship-repair unit is appealing the decision, according to the ruling.
Drydocks sued Tan in May after coming across a Feb. 4 Otto Marine Ltd. statement which said Tan had taken a significant stake in the Singapore shipbuilder as part of a share placement that raised S$95 million. The purchase breached a non-compete clause in Tan’s agreement to sell Labroy Marine Ltd., a shipyard operator he founded, to Drydocks in January 2008, the unit of the Dubai state holding company claimed in its suit.
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