Tycoon ceases S'pore action against Concord

Singapore

SINGAPORE tycoon Oei Hong Leong has discontinued his Singapore legal action against Canadian developer Concord Pacific Acquisitions over a disputed plot of prime land on the waterfront in downtown Vancouver.

In a statement, Mr Oei maintained that since the heads of agreement he signed with Terry Hui, president and chief executive of Concord Pacific Group, is governed by Singapore law, Singapore should be the appropriate forum.

But the statement added: "Mr Oei does not wish to waste any more time arguing with Concord on this q…