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Drydocks World sues Tan Boy Tee

Drydocks World sues Tan Boy Tee

Singapore: Drydocks World, Dubai World's ship-repair unit, has sued Singaporean tycoon Tan Boy Tee for breaching an agreement tied to a S$2.4 billion ($1.7 billion) takeover deal, according to Bloomberg. DDW sued Tan in the Singapore High Court last month for the profits from buying and selling 11 million shares of Singapore shipbuilder Otto Marine Ltd. No value was cited in DDW's claim. That number of shares is worth about S$4.1 million today. ?Tan's indirect interest in Otto breached a three-year non-compete clause in his agreement to sell Labroy Marine Ltd., a shipyard operator he founded, to DDW in January 2008, the unit of the Dubai state holding company said in its suit. ?In his filing, Tan denied having an interest in the shares bought by his son in late January and sold on Feb. 14. A Feb. 4 Otto statement said Tan had taken a significant stake in the company as part of a share placement that raised S$95 million. [27/05/10]

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