The chief executive officer and executive chairman of Jason Holdings will fully indemnify its subsidiary, Jason Parquet Specialist (Singapore) (JPSS), against all legal costs and damages from a $1.23 million suit.
Mr Jason Sim Chon Ang will be paying for all legal costs incurred by JPSS in defending the claim as well as in prosecuting its prospective counterclaim, the company said on Monday.
Therefore, any loss suffered by JPSS will be indemnified by Mr Sim and any net gains will accrue solely to JPSS, it said.
Catalist-liated Jason Holdings announced earlier this month that LBC had served a writ of summons on the company, claiming either the sum of about $1.23 million - representing the cost of materials purchased by JPSS, costs incurred by LBC in engaging other subcontractors to complete JPSS' outstanding works, and to rectify defects in LPSS' work on a project; or damages for breaches of the sub-contract made between LBC and LPSS on the project.
The company "has been advised by its solicitors that the claim set out in the writ of summons has little merit," Jason Holdings had said.
Jason Holdings is pursuing a counterclaim against LBC amounting to about $545,000.