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Stock Chart
Last Done 2.390
Change -0.040 (-1.65%)
Volume 3,771.8
Range 2.370 - 2.400

Court rejects bid to get StreetSine to place $456k security for costs

07 Jan 2019 09:00

By K.C. Vijayan,Senior Law Correspondent

The High Court has rejected a bid by 23 defendants, including the Singapore Institute of Surveyors and Valuers (SISV), for info-tech firm StreetSine Singapore to place some $456,000 as security for costs before continuing its lawsuit against them.

The defendants had claimed they were entitled to security as there was "credible evidence" StreetSine would be unable to pay their costs if they won the case.

Assistant Registrar Zeslene Mao, who heard the application over two days in the High Court, was not convinced, based on the "current evidence" before her.

"While (StreetSine) may not be a commercial powerhouse with multi-million dollars in assets, it is nevertheless a company that has at its disposal substantial financial resources to satisfy any adverse costs orders made against it," she said in judgment grounds issued last week.

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Source: Straits Times

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