Drydocks suit against Labroy Marine founder dismissed

Singapore: Drydocks World has lost its suit against the former chairman of Labroy Marine Tan Boy Tee for breaching an agreement for in its $2.4bn takeover of the Singapore yard group. Justice Lai Siu Chiu said the suit for breaching a three-year non-compete clause relied on “hearsay evidence”. Drydocks World sued Tan over the acquisition by his son of a stake in Otto Marine in February this year. Tan denied having an interest in son’s stake in the Singapore-listed firm. Drydocks World is appealing the decision. [01/09/10]