MalayMail/StraitsTimes-Oct 10
A Singapore High Court judge has awarded a German cryptocurrency executive over US$2.4 million (RM10.3 million) in damages following a two-year legal battle over wrongful dismissal, potentially setting a record for the highest compensation for such claims in Singapore. Justice Chua Lee Ming ruled on September 23 that the dismissal of Alexander Hoeptner by his former employer, Three Fins, in 2022 was wrongful, as reported by The Straits Times yesterday. With interest and legal costs factored in, the total damages awarded to Hoeptner exceeded US$2.6 million. Hoeptner’s lawyer, Suresh Divyanathan, partner and head of international arbitration at Oon & Bazul, indicated that this could be the largest sum awarded for wrongful dismissal in Singapore.
He explained that the substantial payout was tied to Hoeptner’s high salary and his contract, which guaranteed significant compensation if he were terminated without cause before completing two years of employment. Previously the chief executive of the Stuttgart Stock Exchange in Germany, Hoeptner was brought on to lead HDR Group, which encompasses companies associated with the BitMEX cryptocurrency exchange, including Three Fins. Read more at: https://www.malaymail.com/news/singapore/2024/10/10/in-what-could-be-a-singapore-record-court-awards-finance-veteran-us24m-for-wrongful-dismissal-after-two-year-legal-battle/153163
