Justice Chua Lee Ming awarded damages of over US$2.4 million (S$3.1 million) in Mr Alexander Hoeptner's favour on Sept 23 for the suit brought against Three Fins.
Mr Hoeptner received just over US$2.6 million after factoring in interest, compensation for his legal costs and deducting a small counterclaim.
His lawyer, Mr Suresh Divyanathan, partner and head of international arbitration at Oon & Bazul, told The Straits Times the amount could be the largest awarded here for wrongful dismissal of an employee.
Mr Hoeptner was employed by Three Fins to serve as chief executive of the HDR Group, comprising companies associated with the BitMEX cryptocurrency exchange, including Three Fins.
In explaining the large sum awarded, Mr Divyanathan noted that Mr Hoeptner's salary was "considerably high" given his seniority.
The finance veteran had previously served as chief executive of the stock exchange in Stuttgart, Germany.
In addition, his contract stated that he would be entitled to a large lump sum payment if his services were terminated before the end of two years' employment, for any reason other than for cause.
Three Fins was also contractually obliged to pay Mr Hoeptner a bonus of about US$2 million at the end of two years of work, except if his services were terminated for cause, Mr Divyanathan noted.
هذه القصة مأخوذة من طبعة October 11, 2024 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة October 11, 2024 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Jung Ho-yeon takes on Hollywood in Disclaimer
The drama series marks the Squid Game star's first English-speaking role
French pianist Helene Grimaud plays with time
Acclaimed French classical pianist Helene Grimaud, who has earned a reputation for playing by her own rules, thinks there should be no contradiction between freedom and fidelity.
Eisner Award winner submitted her comic as practice
Erica Eng submitted her web comic Fried Rice for the Eisner Awards on a whim in 2020.
Two-time Booker Prize nominee almost gave up writing
Acclaimed Canadian novelist Esi Edugyan has had first-hand encounters with the vagaries of the publishing and book-selling worlds.
A frank, and funny, work about the female body
Cat Bohannon wrote her best-selling non-fiction debut Eve: How The Female Body Drove 200 Million Years Of Human Evolution (2023) while also having two children, completing a doctorate and surviving the Covid-19 pandemic.
SILAT WILL MOVE 'UPHILL'
SSF chief plans to improve governance, selection process and coaching quality
One C'ship lets go of 'a few dozen employees'
Mixed martial arts (MMA) organisation One Championship has laid off a number of employees - including those from its Singapore headquarters - on Oct 16.
EPL pays highest price for injuries
Players in Germany's Bundesliga are most likely to be injured among Europe's top five domestic leagues, but the English Premier League bears the most injury-related costs, according to a report published on Oct 16.
Cantona slams 'scandalous' decision to axe Ferguson
Manchester United's most successful manager Alex Ferguson will step down as a global ambassador after the club's part-owners Ineos ended his multi-million pound contract.
PROFLIGATE PORTUGAL LACK MAGIC: COACH
Martinez's men can't find way past stubborn Scotland, but have one hand on q-final spot
