WPP has settled its minority oppression supreme court case in Singapore with the minority shareholders of the now-defunct Yolk Pte Ltd, which it acquired in 2010 through Grey Group.
As first reported by The Drum, the holding network was sued in August 2016 for the ‘minority oppressive acts’ of Grey Group APAC chief executive officer Nirvik Singh and chief financial officer Ali Belgaumi by the minority shareholders, and retaliated by suing the shareholders for violating their non-competitive covenants.
After three days of hearings at the Singapore’s Supreme Court, a WPP spokesperson told The Drum the network and the shareholders in Yolk, including former CEO Ben Tan, have agreed to settle their dispute.
“The settlement is confidential, but specifies a transfer of shares in Yolk to WPP, on agreed terms. The parties are comfortable that the settlement satisfies both parties’ concerns which led to the litigation,” said the spokesperson.
The spokesperson added that both parties are looking forward to putting these issues behind them and moving forward.
Both Scott Spirit, the former chief strategy officer of WPP, who was supposed to take the stand on 3 August and Tan, who has yet to testify, have stood down as witnesses as the case has ended.