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Temasek’s Lee, Primus Singapore Said to Settle Dispute

The Singapore unit of Primus Pacific Partners Ltd. and Lee Theng Kiat, president of Temasek Holdings Pte, agreed to settle a lawsuit over a rental dispute, according to three people familiar with the case.

Lee’s petition to wind up the unit of the Hong Kong-based private-equity firm will also be suspended pending the settlement, two of the people said. They declined to be identified as they aren’t authorized to speak publicly about it.

Lee declined to comment on the proposed settlement, as did Jennifer Chen, a Hong Kong-based Primus Pacific spokeswoman.

Primus Ventures (Singapore) Pte was sued for breaching a two-year tenancy on a seven-bedroom Singapore bungalow and not paying S$67,802 ($54,300) of rent. Primus Pacific, based in Hong Kong, was founded by Huan Guocang, HSBC Holdings Plc’s former China investment banking head, and Ng Wing-Fai, who was managing director at Taiwan’s Fubon Financial Holding Co.

Primus Ventures had proposed the settlement with Lee, the people said, declining to give details.

The private-equity firm is liquidating its first fund and returning capital to investors, according to a person with knowledge of the matter. That fund had created Primus Ventures after taking investments in EON Capital Bhd. and New China Life Insurance Co., which have now been sold, the person said.

Primus Pacific’s Ng and Huan set up Primus Financial Holdings Ltd. in 2009 with Robert Morse, a former Citigroup Inc. Asia investment banking chief.

The cases are Lee Theng Kiat v Primus Ventures (Singapore) Pte CWU 41/2012 and S14/2012 in the Singapore High Court.

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