Propnex says lawsuit against unit for alleged salesperson misconduct withdrawn
Propnex announced the withdrawal of a lawsuit alleging misconduct by one of its salespeople, with no material financial impact.Summary
Propnex Realty announced on January 2nd that a lawsuit filed against it and two co-defendants regarding alleged salesperson misconduct has been withdrawn. The initial lawsuit, filed in February 2025, sought damages related to the actions and advice of a PropNex salesman. PropNex had previously stated its intention to contest the suit, but the claimant has now discontinued the case without providing further details. The company stated that this withdrawal will not materially impact its financial position or performance for the financial year ending December 31, 2025. This follows a similar withdrawal in October 2025 of an $849,287 lawsuit alleging a scheme to avoid buyer’s stamp duty. Propnex shares saw a slight increase in value on January 2nd, closing at $1.90.
(Source：Straitstimes)