Renaissance United, formerly known as IPCO International which was one of the counters linked to the penny stock saga, and its subsidiary Capri Investments have fended off a civil complaint filed by a firm in Washington, United States.
On May 12, the court entered judgment in favour of Renaissance and Capri in an application made by the defendants for the plaintiff's causes of action to be dismissed with prejudice.
In 2019, the US firm, Renovatio, had filed the civil complaint, claiming for monies owing arising from a breach of payment for services rendered by one G. Patrick Healy, and his stipend and expense reimbursement claims.
It also claimed for a 20 per cent ownership interest in Brentwood Overseas/Asia Plan (Renaissance acquired Asia Plan and its subsidiary Capri from Brentwood) allegedly owed to Healy, as well as loans made by Healy for the Falling Water project owned by Renaissance.
Other defendants named in the complaint were Soh Chee Wen, Asia Plan and Neptune Capital Group, a British Virgin Island corporation.
The shipping company reported attributable profit of US$49.1 million for the quarter to March, nearly three times the US$18.2 million it posted in 2020.
Sales rose 30.3 per cent on the year to US$610.8 million amid an "unseasonal high" for the dry bulk market.
This is as demand for minor cargoes such as steel products rose steeply, with economies recovering from Covid-19; coal demand also picked up amid frigid weather in 2021.