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YCH sues Boustead Projects
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.
Its shares finished down one Singapore cent at S$0.80 on Wednesday.