Prince to pay $890k over share dispute suit
He will also need to fork out $50,000 in legal costs. -ST
SINGAPORE - Brunei's Prince Abdul Hakeem, a nephew of the country's Sultan, has been told by a court to pay a group of investors $890,000 over a failed transfer of shares.
The group of nine investors sued the Prince in Singapore's High Court last year, alleging that he had breached an agreement to transfer 80 million shares in the Singapore-listed Elektromotive Group to them.
In November, the parties came to an agreement. The terms were confidential at that time, until the court on Feb 15 released its judgment, reached "by consent" from both parties.
This means they agreed on the decision and the sum to be paid.
Prince Hakeem will pay $890,000, the full amount demanded by the nine investors. He will also need to fork out $50,000 in legal costs.
The list of investors in the lawsuit included Mr Kit Wei Zheng, a well-known economist who had sued in his personal capacity. Other investors included Ms Eileen Ong and Mr Chan Kwai Sum.
Mr Paul Seah of Tan Kok Quan Partnership represented the group of investors, while Prince Hakeem was represented by Rodyk & Davidson's Mr Low Chai Chong.
Prince Hakeem was chairman and chief executive of Elektromotive, which makes recharging stations for electric vehicles, until he stepped down on Feb 29 last year.
He had also been embroiled in a suit against Mr Ricky Ang Gee Hing, Elektromotive's executive vice-chairman. The Prince had also faced arbitration proceedings from the company itself.
These suits have also been settled.
Elektromotive shares were flat at 0.3 cents last Friday.
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