JEP unit reaches settlement with Korea-domiciled plaintiff YG-1 Co

AEROSPACE component maker JEP Holdings said on Monday that its wholly-owned unit JEP Industrades has entered into a settlement agreement with Korea-domiciled plaintiff YG-1 Co on Feb 11.

YG-1 Co has filed a notice in the High Court of Singapore for the discontinuance and withdrawal of all claims with no order as to costs.

In January, YG-1 Co had served JEP Industrades with a writ of summons for claims of US$219,284.25 in relation to outstanding payables for shipments made in 2016.

There is no admission of liability by JEP and the settlement has no impact on its financial position, it said.