Singapore: 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 (Dh6.21 billion) takeover deal.
Drydocks sued Tan in the Singapore High Court last month for the profits from buying and selling 11 million shares of Singapore shipbuilder Otto Marine Ltd. No value was cited in Drydock's claim. That number of shares is worth about S$4.1 million today.
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 in its suit.
In his filing, Tan denied having an interest in the shares bought by his son in late January and sold on February 14. A February 4 Otto statement said Tan had taken a significant stake in the company as part of a share placement that raised S$95 million.
Attempts to reach Tan, whose mobile-phone and home numbers aren't listed, were unsuccessful. Calls to Tan's privately held Bestford Capital were directed to a fax machine. A business associate, who asked not to be identified, said Tan will not comment on the lawsuit.
A Singapore-based spokesman for Drydocks, who declined to be identified because of the company's policy, said the two sides are holding talks to see if the dispute can be resolved.
Tan was Singapore's 12th richest person last year, according to Forbes. Labroy owned 37 hectares of shipyards in Batam, Indonesia, and a fleet of eight tankers and container vessels when Drydocks offered to buy it in October 2007. Tan said in November that year he would quit as chairman.
