Singapore shipowner First Ship Lease Trust has settled a legal spat with former CEO Alan Hatton.
The company disclosed it had taken action against Hatton last July, and Hatton had responded with a counterclaim.
But on Wednesday the company said both parties were "pleased to announce that both the claim and the counterclaim have been amicably resolved and the allegations of all parties are withdrawn."
With this resolution, FSL Trust and Hatton "look forward to pursuing their business and interests, and wish the other well."
The company had issued a writ of summons to its former chief executive to appear in court last July.
The move came seven months after Hatton's departure following accusations from the board of directors that he engaged in self-dealing and disclosed material information to outside parties.
FSL Trust chairman Timothy Reid said at the time it issued the writ to Hatton "for breach of his duties owed to the company" and the trustee manager of FSL Trust.
Hatton resigned in February 2017 after the board of directors said the former chief executive engaged in "serious misconduct and sufficient grounds to cease his appointment as chief executive.”
Among the accusations, FSL Trust said Hatton set up his own company which "provided services for remuneration" and "disclosed confidential information" to third parties.
