Prudential’s S$2.5b damages claim branded 'absurd' by lawyers

Prudential plc has been blinded by Othello's green-eyed monster of envy and fear in claiming as much as S$2.5 billion in damages from its former star Singapore agent, the city-state's High Court has heard.[SINGAPORE] Prudential plc has been blinded by Othello's green-eyed monster of envy and fear in claiming as much as S$2.5 billion in damages from its former star Singapore agent, the city-state's High Court has heard.

The London-based insurer is suing Peter Tan Shou Yi, claiming that in 2016 he masterminded the mass defection of 244 agents and agency leaders to rival Aviva plc. In their opening submission on Friday, which started with a quote from Shakespeare's play, Mr Tan's lawyers said the claim was"absurd" and an attempt"by a corporate giant to wreak vengeance on a former independent contractor".

In a case with all the trappings of a spy thriller - including allegations of clandestine meetings in China, secret recordings and disgruntled agents - Prudential claims Mr Tan orchestrated the defection"surreptitiously", while simultaneously telling the insurer he had"no intention now to leave Pru" and that"nothing is going to change".

He waited until about 232 agents had resigned in a three-day period before submitting his own resignation while overseas, lawyers for Prudential said in their opening submission. The agents' departure helped precipitate the collapse of a top unit that would have generated S$300 million of profit over a decade, and S$2.5 billion if they stayed in perpetuity, according to Prudential's claim.

Source: News Formal (newsformal.com)

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