18TH JULY 2025 RNS22 Jan 2026 06:57
"GSTechnologies Limited (LSE: GST), the fintech company, has issued a notice of arbitration to Choo Seet EE and Zheng Kang Wen Mervyn (the "Sellers"), the sellers of Semnet Pte. Ltd. ("Semnet") as set out in the Sale and Purchase Agreement dated 5 December 2023, pursuant to which the Company acquired 66.67% of the issued share capital of Semnet (as announced on 6 December 2023) (the "SPA"). The notice of arbitration has been sent in accordance with the provisions of the SPA and sets out that the Company considers that the Sellers have acted in breach of their non-complete undertakings owed to the Company, and also acted in breach of their express obligations owned to Semnet as employees, which if the arbitration is resolved in the Company's favour, is expected to result in a recovery of profits for Semnet."
This is the profit that GST are looking to recovery on top of any other deals that may have been done by Choo/Merv in 2025 on the side of whilsy working for Sement by using Sement as its vehicle.
Play nice