Former CFO loses suit against company for 2 years' performance bonus worth S$200,000
Mr Jango Ngai Nai Ping agreed that he was entitled to the performance bonuses as he was "an exceptional CFO".
A former chief financial officer of a plastic manufacturing company, Mr Jango Ngai Nai Ping, sued his former employer, Banshing Industrial Co, for two years of performance bonuses totaling S$200,000. However, the court dismissed his claims, stating that he was at fault for not meeting the specific criteria for the bonus. The judge found that Mr Ngai had reinterpreted the bonus criteria, believing he knew better than the company's financial experts.
Despite Mr Ngai's claims of an investment model delivered in May 2023, the company maintained that he did not deliver the required seven Microsoft Excel worksheets by the deadline in February 2023. The judge emphasized that Mr Ngai did not meet the very specific and concrete criteria set by the company, leading to his loss of the performance bonus.
Written by urgent.news from CNA - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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