GSTechnologies Ltd announced that its 66.67%-owned fintech subsidiary Semnet has escalated a dispute with the sellers of the business, moving to formal legal proceedings after mediation failed to produce a settlement.
Semnet has issued and served a writ of summons against the two sellers, Choo Seet EE and Zheng Kang Wen Mervyn, as well as former Semnet manager Hoi Yan (“Daphane”) Chong, as it pursues claims for alleged breaches of fiduciary and contractual duties. The group noted that the action follows a notice of arbitration issued in July 2025 and a mediation hearing held in early December 2025, but “formal settlement terms have not been reached”. Semnet is seeking total damages of approximately US$4.2 million, GST added in Friday's stock market statement.
"The GST Board remains committed to protecting the interests of shareholders," the company said.
In London, the share was down 14.8%, changing hands at 0.44p.