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Ramesh Krishnan, a former life insurance agent for AXA Singapore, will get to keep 80% of the SG$4 million he was awarded following a defamation case against his former employer.
In 2012, Krishnan sued AXA for defamation, after alleging that a scathing reference letter from AXA cost him a compensation package of SG$2.25 million from Prudential and a SG$20,000 signing bonus from Tokio Marine. While the High Court sided with AXA, the Court of Appeal overturned the ruling last year, awarding Krishnan SG$3.2 million plus interest, totalling around SG$4 million.
The payout was the largest ever of its kind in Singapore.
In an Appeal Court hearing in August, AXA’s lawyers disputed the amount awarded by the Court of Appeal, The New Paper reported. Meanwhile, Krishnan’s counsels argued that the amount was a fair estimate of his losses, given his performance at AXA and projected compensation at Prudential.
In the end, the court ruled to reduce the previous settlement amount by 20%, due to the fact that Krishnan had “done very well at AXA and had taken a smaller remuneration package with Prudential.”
Meanwhile, the Straits Times reported that the decision came out on the same day that Krishnan was cleared and allowed to work again in the insurance industry.
“I feel relieved and glad that I can stand tall that my name is vindicated,” he said. “Justice has won and I am grateful to God and I also thank my lawyers for their work.”
