Raffles Assets receives lawsuit from international school, demands refund of property deposit

The refund worth $500m is from a proposed lease of 51 Merchant Road.

The NPS International School has filed a lawsuit against Raffles Assets (Singapore), a Raffles Education subsidiary, the company said in a bourse filing.

Raffles Assets has been served with an originating application from the international school, which seeks the refund of a deposit worth $500m as per Clause 11 of a Letter of Intent (LOI) related to a proposed lease of property at 51 Merchant Road, Singapore.

The subsidiary, Raffles Assets, believes the claim is baseless and intends to vigorously contest it.

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“Raffles Assets also intends to file a counterclaim against the Claimant (NPS International School) for, among other things, breach of the LOI, with damages to be assessed. The company will make further announcements as and when there are material developments on the above matter,” it said in a statement.

Shareholders are advised to act cautiously with the company's shares and to seek professional advice before making any decisions.

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