Drydocks World, Dubai World's ship-repair unit, has lost its suit against Singaporean tycoon Tan Boy Tee, former chairman of Labroy Marine. Labroy Marine was purchased by Drydocks World.
Drydocks originally sued Tan in the Singapore High Court for breaching an agreement tied to a S$2.4 billion (US$1.7 billion) takeover deal. The claim was made over a conflict of interest when Tan's son acquired a stake in Singapore shipbuilder Otto Marine. Drydocks says it is appealing the decision.
Source: Businessweek.com
