SBI Offshore says founder and ex-CEO drops appeal against court decision

SINGAPORE - Offshore and solar firm SBI Offshore said on Tuesday (March 7) that its founder and former chief executive officer Tan Woo Thian has withdrawn his appeal against a High Court decision to grant final judgment for the sum of S$624,631 plus interest and legal costs and disbursements in favour of the company.

Mr Tan was granted leave on March 6, 2017, to withdraw his appeal with costs fixed at S$1,500, said the Catalist-listed firm in a filing witht the Singapore Exchange.

The appeal was scheduled to be heard on March 6. In January this year, Mr Tan paid S$648,495.41 to SBI Offshore, comprising the judgment sum of S$624,631 plus interest and the company's costs. The payment was made without prejudice to the appeal.

On March 2, SBI Offshore's solicitors, Rajah & Tann, received a letter from Mr Tan's solicitors, Messrs Vijay & Co, stating that he would not proceed with the appeal and would seek the court's leave to withdraw it.

Mr Tan was among a group of substantial shareholders who tried last year to unseat SBI Offshore's current CEO John Chan.