PACC Offshore Services Holdings (POSH) is poised to receive almost SGD 4m, having won its counterclaim against Kensteel Engineering's 2017 lawsuit for SGD 30.5m.
In January 2015, POSH entered into a sale and purchase agreement with energy and petrochemical-focused Kensteel to buy a Singapore property, subject to approval from Jurong Town Corp (JTC).
JTC rejected the deal, prompting POSH to seek a SGD 3.8m refund from Kensteel.
In turn, Kensteel demanded that it keep that money as well as receive SGD 3.3m in damages from POSH due to the failed sale, creating an initial suit for SGD 7.1m. That suit was reduced in 2016 to SGD 2.2m.
The following year, Kensteel sued POSH for another SGD 24.5m for the difference in price between the POSH deal and another sale of the property with a third party.
Last week, the Singapore high court ruled in favour of POSH's counterclaim against the SGD 30.5m suit and ordered Kensteel to honour POSH's request for SGD 3.8m, plus interest and costs.
