YCH sues Boustead Projects
Add BT as a preferred source
Michelle Quah
DeeperDive is a beta AI feature. Refer to full articles for the facts.
BOUSTEAD Projects announced on Wednesday that it is being sued by YCH Holdings, over a development project known as Supply Chain City.
Boustead Projects, an industrial real estate solutions provider, said that YCH is suing the company for an alleged breach of its contractual obligations, said to have occurred between 2012 and 2014, relating to Supply Chain City.
YCH, a supply chain solutions company, is asking the High Court to assess damages in respect to the alleged breach, or - alternatively - damages in tort in the sum of S$2.335 million.
Boustead Projects, represented by Senior Counsel Davinder Singh of Drew & Napier LLC, said that it intends to vigorously defend the claims made in the lawsuit.
It advised its shareholders to exercise caution when trading in company's shares, adding that the lawsuit is likely to be "disposed of only after the financial year ending March 31, 2019".
Boustead Projects also said that it will make further announcements as and when there are material developments in this case.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
Its shares finished down one Singapore cent at S$0.80 on Wednesday.
Copyright SPH Media. All rights reserved.
TRENDING NOW
‘We’ve seen the worst-case scenario’: How Indonesia’s Cinema XXI navigated crisis and change
Higher costs, lower returns: Why are Singaporeans still betting on real estate?
S-E Asia tourism takes hit from Middle East crisis, but intra-regional travel could spell hope
Auditors flag uncertainty on Katrina Group’s ability to continue as a going concern
