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

16 hours ago

Zomato’s ‘Fuel your hustle’ runs on empty

The food delivery platform trades its signature wit for a tired hero montage, borrowing from Nike and Apple with little freshness.

18 hours ago

Omnicom tops revenue estimates, APAC posts 6.5% ...

However, profitability took a hit, weighed down by acquisition and restructuring costs linked with Omnicom’s IPG merger and sweeping efficiency cuts across media and production units.

19 hours ago

WPP hires AKQA global CEO from Accenture

Baiju Shah replaces founder Ajaz Ahmed, who left in October 2024.

20 hours ago

Discounts are dead. Rewards speak louder than cashbacks

In a cluttered digital landscape, BigCity Promotions’ co-founder points out that brands are swapping coupons for contextual rewards to build loyalty, data, and deeper connections.