Over $3.1m in damages awarded to exec for wrongful dismissal

A High Court judge has ruled that the 2022 dismissal of a German cryptocurrency executive by his then employer was wrongful, awarding him a seven-figure payout after a legal tussle of almost two years.

- Tay Hong Yi

Justice Chua Lee Ming awarded damages of over US$2.4 million (S$3.1 million) in Mr Alexander Hoeptner's favour on Sept 23 for the suit brought against Three Fins.

Mr Hoeptner received just over US$2.6 million after factoring in interest, compensation for his legal costs and deducting a small counterclaim.

His lawyer, Mr Suresh Divyanathan, partner and head of international arbitration at Oon & Bazul, told The Straits Times the amount could be the largest awarded here for wrongful dismissal of an employee.

Mr Hoeptner was employed by Three Fins to serve as chief executive of the HDR Group, comprising companies associated with the BitMEX cryptocurrency exchange, including Three Fins.

In explaining the large sum awarded, Mr Divyanathan noted that Mr Hoeptner's salary was "considerably high" given his seniority.

The finance veteran had previously served as chief executive of the stock exchange in Stuttgart, Germany.

In addition, his contract stated that he would be entitled to a large lump sum payment if his services were terminated before the end of two years' employment, for any reason other than for cause.

Three Fins was also contractually obliged to pay Mr Hoeptner a bonus of about US$2 million at the end of two years of work, except if his services were terminated for cause, Mr Divyanathan noted.