Propnex says lawsuit against unit for alleged salesperson misconduct withdrawn
There is no material impact on its financial position and performance of the group
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[SINGAPORE] The lawsuit against PropNex subsidiary PropNex Realty and two co-defendents for alleged misconduct has been dropped, the real estate services group said in a bourse filing on Friday (Jan 2).
On Feb 11 last year, PropNex said a claimant had filed a suit in the High Court of Singapore, seeking to claim damages against PropNex Realty for liability arising from the alleged misconduct of one of its salespersons and his purported advice.
It said then that it intended to defend it the suit and has filed the notice of intention to contest with the court.
In its latest update, PropNex said that the claimaint has “discontinued and withdrawn” the lawsuit, without providing more details on the case.
There is no material impact on its financial position and performance of the group for its financial year ended Dec 31, 2025, it added.
Last October, a S$849,287 lawsuit against PropNex Realty over a 99-to-1 deal was also dropped.
The counter closed at S$1.90, up S$0.02 or 1.1 per cent, on Friday, before the announcement.
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