CFA Society Singapore
SINGAPORE (Feb 26): Three former executive directors of Datapulse Technology have commenced legal action against the company for a balance sum of their original demand.
To recap, former directors Ng Cheow Chye, Ng Cheow Leng and Si Yok Fong had filed a Nov 14 letter demanding Datapulse to pay them an aggregate sum of $751,118, which they claimed due to them part of a profit sharing arrangement under their service agreements with the company.
The company paid out $589,000 on Jan 31 after receiving legal advice on the matter.
In a filing on Monday, Datapulse says it has now been served by a writ of summons by all three former directors regarding a balance claim of $161,308, which currently remains under dispute.
The company says it does not expect its payment to these individuals, nor the balance claim, to have a material impact on its current financial year ending July 2019, as it had already made the relevant provision in the previous one.
Shares in Datapulse closed half a cent higher at 28 cents on Monday.