SBI Offshore's former CEO drops appeal against court decision

SBI Offshore on Tuesday said that former executive director and chief executive officer Tan Woo Thian has decided to drop the appeal that he filed against the High Court's decision to grant final judgment for the sum of S$624,631 plus interest and legal costs and disbursements in favour of the company.

The appeal was scheduled to be heard on March 6, 2017. In January this year, Mr Tan paid S$648,495.41 to the company, comprising the judgment sum of S$624,631 plus interest and the company's costs incurred in the case.

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 leave of Court to withdraw the appeal.

On March 6, SBI Offshore and Mr Tan's solicitors attended before the judge, who granted leave for Mr Tan to withdraw the appeal with costs fixed at S$1,500.