S'pore eDev's former unit fails to stop S$4.2m claim

SINGAPORE eDevelopment's old business continues to cast a shadow on growth plans, with news on Monday that a former subsidiary failed to stop a S$4.2 million claim from a previous client.

Singapore eDevelopment, the property developer formerly known as the construction company CCM Group, said that an injunction by CCM Industrial Pte Ltd to contest the claim by Pan-Asia Logistics Investments has been set aside. Singapore eDevelopment is seeking legal advice.

CCM Industrial was disposed of on May 21 as part of Singapore eDevelopment's restructuring. But the former CCM Group, together with CCM Industrial and CCM Industrial managing director Liew Sen Keong, had all given indemnities as part of a performance bond related to a contract between CCM Industrial and Pan-Asia Logistics Investments.