Faaez Samadi
Aug 03, 2018

WPP Singapore settles Yolk lawsuit

Agreement ends case of alleged minority oppression by WPP Singapore and Grey Group.

WPP Singapore settles Yolk lawsuit

In a remarkably abrupt end to proceedings, WPP Singapore today announced it has settled a lawsuit brought against it and Grey by former minority shareholders in Yolk, just three days after the case began before Singapore’s Supreme Court.

In an emailed statement less than 24 hours after Campaign Asia-Pacific reported the dispute, a WPP spokesperson said the holding agency and Yolk shareholders including former CEO Benjamin Tan, have agreed to settle the case.

“The settlement is confidential but specifies a transfer of shares in Yolk to WPP, on agreed terms,” the statement said. “The parties are comfortable that the settlement satisfies both parties’ concerns which led to the litigation. The parties look forward to putting these issues behind them and moving forward."

The case saw former Yolk leaders Tan, Adrian Lee, Soh Kee Boon and Low Jun Jek, counter-suing WPP Singapore and Grey for alleged minority oppression, specifically naming Grey APAC CEO Nirvik Singh and CFO Ali Belgaumi. That followed the original November 2016 suit brought by WPP against Tan, Lee and five former Yolk employees for alleged breach of non-compete covenants and fiduciary duties.

Campaign contacted Tan for further comment, but had not received a response by time of publication.

Source:
Campaign India

Related Articles

Just Published

2 days ago

Arthur Sadoun on ‘massively increasing gap’ on ...

Publicis CEO spoke to Campaign at Q2 results.

2 days ago

Agencies, read the room: Clients want more than ideas

The Marcom Avenue’s founder reveals seven hard truths clients wish agencies knew—beyond pitches, awards and buzzwords. Hint: Accountability, empathy, and business impact top the list.

2 days ago

Dentsu Lab in India trades innovation theatre for ...

With creative R&D under scrutiny, the newly-launched hubs promise low-risk, high-impact solutions that move beyond quick marketing hacks.

3 days ago

KIT Global pushes ‘minimum viable data’ for smarter ...

CEO Olga Dulinskaya explains why brands need less data, sharper personalisation, and unified platforms to navigate emerging markets.