Failed Thomson View sale: CEA studying court's findings
Sale committee will not appeal against decision to disallow collective sale
Add BT as a preferred source[SINGAPORE] The regulator of estate agents is studying the High Court's recent findings involving HSR International Realtors' role in the failed Thomson View en bloc deal "before deciding on any follow-up action that may be necessary", BT understands.
HSR was the marketing agent for the proposed $590 million condominium en bloc sale, which the court recently scuttled over secret incentive payments the agent had offered after finding that it amounted to bad faith.
Justice Andrew Ang found that HSR had "egregiously breached its duty to avoid any possible conflict of interest" by failing to disclose the incentive payments to the condo's collective sale committee (CSC) and other owners; and also held that the incentive payments had the effect of "tainting" the method of distribution of the sale proceeds.
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