Venture partners seek a minimum of $17m in share value

By Beth Jinks

(SINGAPORE) PSA International and P&O Australia Ports, subsidiaries of the world's second and third largest terminal operators, have been accused of secretly collaborating with competitors and usurping management by their local co-shareholders in an electronic container seal company they mothballed in 2002.

The former chief executive and current chairman of Singapore company eLogicity, Paul Ng, together with six other shareholders, are suing PSA and P&O Australia in Singapore's High Court under Section 216 of the Companies Act