IN BRIEF: GSTechnologies seeks over USD4 million in Semnet arbitration

GSTechnologies Ltd - Perth, Australia-based fintech company - Announces update on its 66.67% owned subsidiary Semnet Pte Ltd, having issued a notice of arbitration to Semnet's sellers, Choo Seet EE and Zheng Kang Wen Mervyn, in mid-July. Notes that a mediation hearing was held in early December, but now says that formal settlement terms were not reached. As a result, Semnet has formally issued and served a writ of summons against the sellers, and former manager Hoi Yan 'Daphane' Chong, "to vigorously pursue claims for alleged breaches of fiduciary and contractual duties." Says these include breaches of the sale & purchase agreement signed in December, 2023, which have negatively impacted Semnet's business. Seeks approximately US$4.2 million in total damages.

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By Emma Curzon, Alliance News reporter

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