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Eastern Holdings' suit against Riway Singapore dismissed, counter-claim allowed

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Eastern Holding said on Friday morning that the High Court has dismissed its subsidiary Hoy Fatt's claims against against Riway (Singapore) and Riway International Group.

EASTERN Holdings said on Friday morning that the High Court has dismissed its subsidiary Hoy Fatt's claims against against Riway (Singapore) and Riway International Group.

The Court, in its judgement on Jan 20, held that Riway Singapore had validly rescinded the option to purchase the six-storey building at 12 Hoy Fatt Road.

This concludes the lawsuit, which Hoy Fatt started on July 11, 2013, and which drew a counter-suit from Riway Singapore against Hoy Fatt on the same matter.

The Court also allowed Riway Singapore's claim for a declaration that its rescission of the option was valid. Hoy Fatt must return all monies paid under the option.

The Court will hear both parties on costs on a later date, if they are unable to agree on costs.

Eastern Holdings said that it is currently studying the Court's judgement and will explore all options before deciding on its next course of action.