Dubai Drydocks Suit against Singapore Tycoon Dismissed

A Singapore court dismissed a suit by Dubai’s Drydocks World against Singaporean tycoon Tan Boy Tee for breaching an agreement tied to a US$1.8 billion takeover deal. Drydocks, which sued Tan for breaching a three-year non-compete clause, relied on “hearsay evidence,” Singapore High Court Judge Lai Siu Chiu said in an 25 August ruling, publicly released yesterday. Dubai World’s ship-repair unit is appealing the decision, according to the ruling. Drydocks sued Tan in May after coming across a February 4 Otto Marine Ltd statement which said Tan had taken a significant stake in the Singapore shipbuilder as part of a share placement that raised US$70.37 million. - Gulf Times