He called himself an exceptional CFO but the judge wasn't convinced
District Judge Jonathan Ng Pang Ern dismissed a former CFO's S$200,000 bonus claim on 1 September 2026, finding he had rewritten his own bonus criteria.
The decision, issued in the State Courts of Singapore, closes out a dispute over two years of unpaid annual performance bonuses claimed by a former chief financial officer against Banshing Industrial Co (Pte) Ltd, a plastics precision engineering manufacturer.
The claimant joined Banshing Industrial as CFO on 1 November 2022 under a contract that set his basic salary at S$20,000 a month and his annual performance bonus, or APB, at S$100,000. The contract stated that the criteria for the bonus were "to be agreed and defined during probation period," a three month window ending 31 January 2023. That deadline passed without the criteria being settled.
The bonus terms eventually took shape months later. In a June 2023 email, the company's director told the claimant the APB would depend on delivery of a financial valuation model, specifically an Excel workbook made up of seven linked worksheets. The claimant acknowledged the email and, weeks later, confirmed he had received the latest version of a mind map setting out the model's structure. The court found the criteria had been agreed and defined through this exchange, by 16 June 2023 at the latest.
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