Lawsuit launched against WPP in Singapore
It has been reported to an International publication that a lawsuit has been launched against WPP in Singapore’s Supreme Court by the minority shareholders of the now-defunct Yolk Pte Ltd, an agency acquired by the network in December 2010. The case commenced on 31 July 2018.
This minority oppression Supreme Court trial includes the senior management of Grey Group that absorbed Yolk. The issue came to a head in August 2016 after the minority shareholders issued an internal complaint to WPP about the ‘minority oppressive acts’ of Grey Group APAC chief executive officer Nirvik Singh and chief financial officer Ali Belgaumi.
WPP retaliated by suing former Yolk CEO and chief technology officer and shareholders Benjamin Tan and Adrian Lee respectively, along with five former employees for violating their non-competitive covenants and conspiring to injure Yolk as they had set up businesses in venture building, IoT and social content automation platforms.