SAKAE Holdings and its chief executive, Mr Douglas Foo, have reached an out of court settlement with public relations firm Financial PR over a defamation suit.

Sakae had sued Mr Andy Ong for alleged breach of duties when he was Sakae's independent director. It had also filed a defamation suit against Financial PR for refusing to retract a press statement that it had issued on Mr Ong's behalf.

In a statement on July 24, Sakae said the company and Mr Foo entered into a confidential settlement agreement on July 23 with Financial PR with regard to the suit.

"Pursuant to the terms of the settlement agreement, the company and Douglas Foo shall discontinue the defamation suit with no order as to costs within seven days from the date of the settlement agreement," the statement said.