Thursday July 06, 2006

CPF and IBM in legal spat over IT project

business-times.asia1.com.sg :

Singapore's Central Provident Fund Board (CPF) and computing giant IBM are embroiled in one of the biggest IT lawsuits here in recent history. The spat dates back to December 2001 when IBM bid for and won a contract to design and build a new IT system for CPF. The deal was worth more than $32 million.

CPF is suing IBM - and IBM is counter-suing. CPF claims that IBM failed to complete a contracted IT project and it is asking the court to assess damages that could amount to more than $40 million. In its counter-suit, IBM claims it was unable to complete the IT project because CPF radically changed its requirements after the contract was signed. It is counter-claiming more than $38 million from CPF.

(2006-07-06 22:25:13 SGT) [Biz] Permalink

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