Singapore Paincare settles dispute over claims worth S$350,000 to S$450,000
It did not disclose the amount of the settlement
[SINGAPORE] Singapore Paincare has entered a settlement to resolve a dispute with an individual who claimed the company owed her a sum between S$350,000 and S$450,000 for services rendered.
The medical services company on Friday (Nov 21) said that its chief executive Dr Bernard Lee has reached an “amicable resolution” with the individual, Lim Seow Yuen, and that the two inked a settlement agreement dated Wednesday.
It did not disclose the amount of the settlement.
A partially redacted copy of the settlement agreement stated that it is a “complete settlement, release and waiver” of any and all disputes and claims between Lim and Singapore Paincare.
“Lim fully, unconditionally and irrevocably releases and waives and forever discharges all claims which she has or may have against the company, and acknowledges that she has no further claims against the company,” the settlement agreement read.
Singapore Paincare also returned the S$450,000 that Lee deposited with the company as a security for his undertaking to indemnify it for the amount of claims sought by Lim.
The company on Aug 6 and 7 received letters from lawyers representing Lim seeking claims worth between S$350,000 and S$450,000. The claims were for services Lim provided to Singapore Paincare in 2020 as a result of “promises and assurances” allegedly made by Lee, the letters stated.
Lee denied the allegations, according to letters from his lawyers that the company received on Aug 11.
He stated that there was no basis for Lim’s claims as his financial arrangements with her were in his private capacity and not on behalf of Singapore Paincare nor for the purpose of the company’s listing, as she had alleged.
Lim’s lawyers on Aug 26 issued another letter to Novus Corporate Finance and the Singapore Exchange Securities Trading. The letters asserted that her claims against Lee and Singapore Paincare exceeded S$1 million, but did not provide any details or breakdown of the claims.
Shares of Singapore Paincare ended Thursday flat at S$0.158.
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