This guy has 204 kways and 23 mama sans, need them to earn $2.5 billlion for him.

[LITTLEREDDOT]

He is f**ked big-time.
How many generations of selling bodies before he can pay off the settlement?

Ex-Prudential agency manager breached agreement in soliciting mass defection to Aviva, says High Court

Mr Peter Tan Shou Yi is liable for breach of his contractual obligation to conduct his insurance business with integrity and honesty.PHOTO: ST FILE

Grace Leong
Senior Business Correspondent

May 5, 2021

SINGAPORE - A former top agency manager at Prudential Assurance Company has been found by the High Court to have breached his agency agreement in soliciting 204 agents and 23 agency leaders to defect en masse to rival company Aviva.
Mr Peter Tan Shou Yi, 56, and his company Peter Tan Organisation Management and Consultancy (PTOMC), were sued by Prudential for up to $2.5 billion for allegedly "surreptitiously" orchestrating a mass defection to Aviva's subsidiary Aviva Financial Advisers in mid-2016.
PTOMC is the company through which Mr Tan is providing services to Aviva.
Justice Chua Lee Ming, in an oral judgment issued on Wednesday afternoon (May 5), said that the losses that Prudential suffered "is for profits that it could have earned from the departed agents" from May 9, 2016, to July 23 that same year.
The assessment of losses would be calculated by UK consultancy Berkeley Research Group's chairman Richard Boulton, the judge added.
The judge dismissed Prudential's claim that Mr Tan had breached his fiduciary duty, as well as its claim that PTOMC had dishonestly assisted Mr Tan in poaching the agents and agency leaders.

The High Court holds that Mr Tan is liable for breach of his contractual obligation to conduct his insurance business with integrity and honesty.
Mr Tan countersued midway through the proceedings, alleging that Mr Philip Seah, chief executive of Prudential Assurance Company Singapore from December 2015 to November 2016, wrongfully induced the two agency leaders to give up "protected information" relating to a potential move to Aviva in exchange for benefits.
Agency leaders Wendy Ho Xiang Yu, 34, and Royston Ng Youliang, 36, were both members of Mr Tan's agency, Peter Tan Organisation.
Mr Tan contends that both Ms Ho and Mr Ng breached confidentiality obligations to him.
He claimed that between February 2016 and July 2016, Ms Ho and Mr Ng engaged in secret discussions with Prudential, in which they agreed to remain with the company and hand over certain protected information and recordings to it in return for perks such as promotions.
The recordings included one of a meeting in Guangzhou in May 2016 relating to the move to Aviva.
But Justice Chua dismissed all of Mr Tan's counterclaims against Prudential.

 

[kaninabuchaojibye]

2.5billion damages
haaaa
can build he many changi jewel?

 

[congo9]

Just declare bankrupt
Have he just stashed his money somewhere safe ?

 

[sweetiepie]

Justice Chua Lee Ming, in an oral judgment issued on Wednesday afternoon (May 5), said that the losses that Prudential suffered "is for profits that it could have earned from the departed

KNNBCCB KNN WHEN PROPOSING FOR PREMIUMS THEY SAY NO PROFIT WHEN MAKING CLAIMS THEY SAY THE LOSSES IA FOR THE OPPORTUNITY COST KNN SEK SEE LA KNN

 

[poore]

this kind of face can get so many agents to defect.

 

[Loofydralb]

Only idiots voluntarily give money to a scam called insurance

 

[LITTLEREDDOT]

Former agency leader ordered to pay $8.5 million to Prudential for mass poaching of agents​

Prudential had proved only 23 leaders and 204 agents and not the 244 it alleged had left because of Mr Peter Tan's wrongful solicitation.PHOTO: ST FILE
Tay Peck Gek

SEP 17, 2021


SINGAPORE (THE BUSINESS TIMES) - Former Prudential top group agency manager Peter Tan has been ordered by the High Court to pay the insurer $4.8 million in damages, $1.2 million in interest and $2.5 million in legal costs for the poaching of more than 220 agents to rival Aviva.
However, both parties are appealing.
Prudential Assurance Co Singapore has filed an appeal through Rajah & Tann Singapore's Senior Counsel Murali Pillai. It is appealing with regard to the quantum of the damages and legal costs, as well as the judgment that Mr Tan's firm PTO Management and Consultancy (PTOMC) did not dishonestly assist him to breach fiduciary duty.
By contrast, Mr Tan - represented by TSMP Law's Senior Counsel Thio Shen Yi - is appealing against being liable for the en masse departure of the agency leaders and agents, the quantum of the damages as well as the order to pay legal costs.
Justice Chua Lee Ming has ruled that the poaching was in breach of Mr Tan's contractual obligation to conduct his insurance business with integrity and honesty.
However, the judge held that Prudential had proved only 23 leaders and 204 agents, and not the 244 it alleged, had left because of Mr Tan's wrongful solicitation.

The court heard Aviva had dangled a $15.3 million sign-on bonus to get Mr Tan to join and it had a war chest of $100 million to poach the agents.
The 227 were from Prudential's then most successful and biggest agency unit Peter Tan Organisation (PTO). Mr Tan became an agent in 1996 before rising to helm PTO, and received $56.2 million in total remuneration from Prudential between 2006 and 2016.
Prudential's compensation was for the income the insurer could have earned from these 227 between May 2016 - when Mr Tan started talking to the leaders about moving to Aviva's financial advisory subsidiary Aviva Financial Advisers (AFA) - and July 2016 when he served out his termination notice.
The 56-year-old had to abide by a non-solicitation obligation when he was with Prudential, but that was because it was an agency instruction. However, it was absent in the agency agreement or manager agreement that Mr Tan had with Prudential. Hence, he was not subject to any non-solicitation obligation after he quit Prudential.
Prudential's claim against PTOMC was dismissed, as the judge found that Mr Tan did not owe the insurer any fiduciary duty, so this firm that was set up for providing services to AFA could not have assisted him to breach the duty.
Mr Tan quit AFA and the insurance industry in March 2020, and is now doing business consultancy.

 

[Asterix]

Can see that the ST "senior business correspondent" is a pui pui auntie

 

[Patriotmissile]

8.5 mil. Good. Hope he has 10 mil to spare.

 

[LITTLEREDDOT]

Prudential, former top agency manager reach settlement, drop appeals​

Source: Business Times
Article Date: 22 Apr 2022
Author: Tay Peck Gek
Peter Tan Shou Yi had been found liable by the High Court for poaching more than 220 Prudential agents for rival Aviva in mid 2016 and ordered to pay Prudential S$4.8 million in damages, S$1.2 million in interest and S$2.5 million in legal costs which was set to be heard on appeal before settlement between the parties.
Prudential Assurance Company Singapore and its former top group agency manager Peter Tan Shou Yi have reached a confidential settlement to drop their respective appeals, putting an end to a high-profile, high-stakes lawsuit.
Tan will also discontinue his claims against the former chief executive of the insurer and 2 agents in the global settlement, The Business Times understands.
Tan’s appeal and Prudential’s had been scheduled to be heard on Friday (Apr 22), but with the withdrawal of their appeals, that would now not proceed.
Tan had been found liable by the High Court for poaching more than 220 Prudential agents for rival Aviva in mid 2016 and ordered to pay Prudential S$4.8 million in damages, S$1.2 million in interest and S$2.5 million in legal costs.
He had appealed against the finding that he was in breach of his agency agreement by having solicited for the agents’ en masse departure, as well as the quantum of damages, the award of pre-judgment interest and the judge’s order on legal costs.
The High Court had heard during trial that Tan, who joined Prudential as an agent in late 1996, rose to become the helmsman of its biggest and most successful agency unit, Peter Tan Organisation (PTO); between 2006 and 2016, he received S$56.2 million in total remuneration.
Prudential, on its part, had sought compensation for the loss of profit to the tune of between S$102.5 million and S$2.3 billion from Tan. Its appeals were against the judge’s decision to dismiss its other claims against Tan, and the finding that the non-solicitation clause did not bind him. It had also appealed against the dismissal of its claim against PTO Management and Consultancy (PTOMC) for dishonestly assisting Tan’s alleged breach of fiduciary duties. PTOMC was established by Tan to provide services to Aviva Financial Advisers.
Tan’s litigation against Prudential’s former chief executive Philip Seah Cheng Chua and 2 agents Wendy Ho Xiang Yu and Royston Ng Youliang will also be discontinued. He had alleged that Seah “wrongfully” induced the 2 agents to hand over to Prudential audio recordings secretly made at their meetings where Tan instigated them to defect to Aviva.
The 2 agents had signed a non-disclosure agreement with an alleged S$50 million penalty if they divulged “commercial secrets” Tan had learnt from Aviva – information arising from then-ongoing discussions with Aviva to pave the way for Prudential agents to cross over.
It emerged during Prudential’s lawsuit against Tan that Aviva had dangled a S$15.3 million sign-on bonus to get him to join, and that it had a war chest of S$100 million to poach the agents. The lawsuit has thrown a spotlight on how competitive the insurance industry is.
The Monetary Authority of Singapore had reprimanded Tan for accepting remuneration that breached regulatory requirements when he was engaged by Aviva as a consultant to provide strategic advice on Aviva Financial Adviser’s business. Tan had acted beyond furnishing strategic advice and behaved like a supervisor to Aviva Financial Adviser’s representatives, but his activities were not monitored by the insurer. He quit Aviva Financial Adviser and the insurance industry in March 2020, and is now doing business consultancy.
Prudential is represented by Rajah & Tann Singapore’s Senior Counsel Murali Pillai and Luo Qinghui; Tan was defended by TSMP Law’s Senior Counsel Thio Shen Yi.