Mr Tan allegedly warned agents at secret meetings not to make copies of the material distributed to them and also had them write their names on the material so that any photocopy could be traced.PRUDENTIAL Assurance Co Singapore is suing its former top agency manager Peter Tan Shou Yi for up to S$2.5 billion for allegedly plotting to recruit at least 250 top Prudential agents for Aviva Singapore.
Mr Tan would stand to receive an additional S$17 million on top of the standard remuneration if PTO could generate S$189.1 million in APE and S$154.6 million in new business profits in the first six years under his agreement inked with Prudential in 2015 . "He compelled agents to sign non-disclosure agreements, go to Guangzhou from May 26-29, 2016, to discuss the defection, and warned them not to inform of the defection," said the Rajah & Tann team led by Murali Pillai.
Mr Tan was accused of engineering the mass defection on the one hand, and assuring Prudential that he would not leave the insurer on the other hand. He was said to have acted as if he had not decided whether he would resign or retire, after his agents had already crossed over in strength to AFA.
The insurer is also suing PTO Management and Consultancy , which Prudential claims is the alter ego of the legally-trained Mr Tan. If the agents had stayed on indefinitely, Prudential argues that the lost profits would amount to S$2.5 billion.He is not only denying he has non-solicitation obligation to Prudential, but also rejecting claims that he persuaded his agents to jump ship. Also, he points out that his departure from Prudential would anyway have prompted some of his agency leaders and, in turn, agents to follow suit.
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