KLW's S$7m claim survives legal appeal

KLW Holdings' awarded claim of S$7 million plus fees and interest against an investor and his company has survived an appeal in the Singapore courts, KLW announced on Monday.

A summary judgment in October 2016 ordered investor Michael Chan Ewe Teik and his company, Straitsworld Advisory, to pay KLW S$7 million, interest at 5.33 per cent as of Nov 21, 2015, and costs of S$10,000 excluding disbursements. As a result of the latest dismissal by the Court of Appeal, Mr Chan and Straitsworld now owe KLW an additional S$20,000 in costs.

The dispute between KLW and Mr Chan stemmed from certain unauthorised term sheets that had been entered into by KLW's former managing director, Lee Boon Teck for the company.