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Ferrari case: Family and insurer reached a settlement

Published on Jan 25, 2013 4:09 PM
 
File photo of police officers at the scene of the accident of a crash involving a red Ferrari, a taxi and a motorcycle at the junction of Rochor Road and Victoria Road near Bugis Junction on May 12, 2012, which has left three people dead. The insurers and the estate of the Ferrari driver involved in the crash that killed a taxi driver and his passenger and injured two others, have reached a settlement. -- PHOTO: WANBAO

The insurers and the estate of the Ferrari driver involved in the crash that killed a taxi driver and his passenger and injured two others, have reached a settlement.

In joint statement on Friday, AXA Insurance Singapore and the estate of the late Mr Ma Chi, 31, said they have agreed to settle, based on terms and conditions mutually agreed by both parties.

"Under the terms of the settlement agreement, in addition to settling all financial claims between the parties, all third party victims or their families will receive due compensation, which is not compromised in any way," said the statement, emailed to The Straits Times from law firm Drew & Napier, who is representing the family of Mr Ma.

"AXA Insurance Singapore will not look towards the estate of the late Ma Chi for any payment of compensation made to the third party victims or their families."

 
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