Drydocks World sues Singapore tycoon

The company says the former shipyard owner broke terms of contract.

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Drydocks World is suing a Singaporean tycoon who sold shipyards in Asia to the company two years ago, claiming he broke the terms of the sale contract. The company says Tan Boy Tee agreed not to compete with it over ship repairs and related industries when he sold Labroy Marine, a Singapore-based shipyard operator he founded, to the Dubai World subsidiary in January 2008 for a reported S$2.4 billion (Dh6.26bn), according to filings with the Singapore High Court this month.