IN BRIEF: Singapore court dismisses stay in GST's Semnet dispute
GSTechnologies Ltd - Perth, Australia-based fintech company - Updates on its 66.67% owned subsidiary Semnet Pte Ltd. On May 26, hearings were held before the assistant registrar in the Singapore Supreme Court. At the hearings, applications for a stay of proceedings filed by the sellers of Semnet and former Semnet employee Chong Hoi Yan were dismissed in their entirety. A costs order of USD14,080 was awarded to Semnet. A deadline to file a notice of appeal against the decisions has been set for June 9. Further, a hearing will be held on June 4 for the Court to give the defence a direction for their case. "The GST Board remains committed to protecting the interests of GST shareholders and will announce further updates as appropriate," company says. GST agreed to acquire its 66.67% stake in the Singapore-based cybersecurity company in 2023, for a total consideration of USD1.8 million. Back in February, Semnet formally issued and served a writ of summons against the sellers, and former manager Chong Hoi Yan, "to vigorously pursue claims for alleged breaches of fiduciary and contractual duties." Says these include breaches of the sale & purchase agreement, which have negatively impacted Semnet's business. Semnet is seeking approximately USD4.2 million in total damages. Read More