SINGAPORE - Life insurer Prudential Assurance Company Singapore is suing former agency leader Peter Tan Shou Yi after 244 of its agents jumped ship to rival firm Aviva, saying he offered loyalty bonuses to those who left with him and had agents sign non-disclosure agreements while he planned the move.
The timeframes were taken in view of a Pegasus Agreement Mr Tan signed with Prudential just a year before the mass defection. It contained projections of his and his agents' performance for at least 10 years, suggesting Prudential's losses were unlikely to be limited to a short period of time, the court heard.
"The defendants would like the court to believe that this mass migration... was the result of coincidence, normal attrition, and possibly even loyalty to ," lawyer Paul Tan of Rajah & Tann told the court on Tuesday. They said that Mr Tan held at least 12 meetings with agents and made it"mandatory" for agents, including those who had yet to make up their minds, to attend the Guangzhou meeting where he gave a presentation with 95 slides.
Mr Tan, while working at Prudential, had set up a company called Peter Tan Organisation , which had about 500 agents and agency leaders under his stewardship. These losses stem from factors such as the profits the defecting agents would have generated until their departure from the company, as well as profits they were expected to make if they had not left Prudential.
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Source: BusinessTimes - 🏆 15. / 51 Read more »
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