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Lawsuit brought against PropNex unit on alleged salesperson misconduct

PropNex Realty has filed the notice of intention to contest with the court

Summarise
Derryn Wong

Derryn Wong

Published Tue, Feb 11, 2025 · 11:30 PM
    • Propnex Realty is one of three co-defendants in a lawsuit seeking damages from PropNext Realty for liability arising from the alleged misconduct of one of its salespersons and his purported advice.
    • Propnex Realty is one of three co-defendants in a lawsuit seeking damages from PropNext Realty for liability arising from the alleged misconduct of one of its salespersons and his purported advice. PHOTO: PIXABAY

    REAL estate services group PropNex said that its wholly owned subsidiary PropNex Realty, has been named as one of three co-defendants in a lawsuit.

    The suit has been filed in the High Court of Singapore by a claimant seeking damages from PropNex Realty for liability arising from the alleged misconduct of one of its salespersons and his purported advice.

    In a bourse filing on Tuesday (Feb 11), PropNex said that it has evaluated the basis and merits of the suit and intends to defend it. It has filed the notice of intention to contest with the court.

    The suit is not likely to materially impact the financial position and performance of the group for the financial year ending Dec 31, 2025, it noted.

    Shares of PropNex closed at S$1.12, down 0.9 per cent or S$0.01, before the news.

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