Former CFO loses S$200,000 bonus lawsuit against Banshing Industrial

A former chief financial officer lost a lawsuit against Banshing Industrial Co for two years of performance bonuses totaling S$200,000, with the court dismissing all his claims. Mr Jango Ngai Nai Ping sued the plastic manufacturing company for breach of contract and misrepresentation after his termination in November 2024. The judge ruled he failed to meet the bonus criteria, which required delivering a financial valuation model with seven specific worksheets as defined by company director Alvin Cheng. Judge Jonathan Ng Pang Ern said Mr Ngai "chose to reimagine the criteria" and was "the author of his own predicament." The court found his explanations confusing and rejected his claim that he was entitled as "an exceptional CFO."