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TTI, nTan should still come to an agreement on value-added fees
SINGAPORE'S Court of Appeal on Sept 30 dismissed nTan Corporate Advisory's application to set aside the value-added fee decision made in 2012, regarding TT International's (TTI) revival efforts.
This means the original decision still stands - TTI and well-known dealmaker Nicky Tan's firm, nTan, are to agree on the proper amount of professional fees to be awarded for nTan's efforts in reviving the company to date, failing which nTan's global fees are to be assessed by a High Court Judge.
TTI employed nTan to establish a debt restructuring scheme after it was plunged into debt as a result of the 2008 crisis. TTI also had a success fee arrangement with nTan, whereby it agreed to pay nTan a value-added fee comprising 7.5 per cent of the net value of debt resolved and 5 per cent of total gross transaction value.
The value-added fee has been estimated to be in the region of about S$15 million to S$30 million.
Said TTI in a statement on Friday morning: "The company will take all steps necessary to comply with the value-added fee decision and will make further announcements as and when there are any material developments, including any agreement reached between nTan, the company and the Monitoring Committee on the professional fees of nTan."