News Content
Dubai's Drydocks Sues Singapore Tycoon Over Takeover
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. 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 Feb. 14. A Feb. 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.
Settlement Talks
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 (443,000 square yards) 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.
Drydocks and DP World Ltd., the world’s fourth-biggest container-terminal operator, aren’t part of Dubai World’s $23.5 billion debt restructuring.
Allen & Gledhill LLP is representing Drydocks and Drew & Napier LLC is acting for Tan.
The case is Drydocks World LLC v Tan Boy Tee OS387/2010 in the Singapore High Court.
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 Feb. 14. A Feb. 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.
Settlement Talks
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 (443,000 square yards) 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.
Drydocks and DP World Ltd., the world’s fourth-biggest container-terminal operator, aren’t part of Dubai World’s $23.5 billion debt restructuring.
Allen & Gledhill LLP is representing Drydocks and Drew & Napier LLC is acting for Tan.
The case is Drydocks World LLC v Tan Boy Tee OS387/2010 in the Singapore High Court.
Latest News
- Shipbuilding In 2017: Any Signs Of Improvement?
- Keppel in talks with Borr Drilling for rig sales
- Japan’s shipbuilding industry turning corner as orders double
- De Boer/Dutch Dredging and Iskes Towage take delivery of ASD 2310 SD at Dam...
- Chinese shipyard order more TTS cranes
- Kommer Damen opens Damen Area Support China
