You are here
Natural Cool and former chief corporate officer reach 'confidential settlement'
NATURAL Cool announced it has reached a "confidential settlement" on May 16, 2018 with former chief corporate officer (CCO) Ng Quek Peng over a letter of demand the latter had dispatched in March 2017 to Natural Cool, seeking damages in excess of S$2.5 million over alleged wrongful termination of his service with the company.
Mr Ng was engaged as the company's CCO on Nov 24, 2016. The newly installed board of Natural Cool, following the ouster of all but one director after an extraordinary general meeting on Feb 8 last year, decided to terminate Mr Ng's services on Feb 15.
At the time, Natural Cool said it was of the opinion that there were no merits to Mr Ng's claim and was seeking formal legal advice.
The confidential settlement was held at the Singapore Mediation Centre before George Lim, SC.
Natural Cool said it does not expect the settlement to have any material impact on the company's financial performance or position for the current financial year ended Dec 31, 2018.
Its counter ended Wednesday at 7.9 Singapore cents apiece, down 1.25 per cent or 0.1 Singapore cent, before the announcement was made.