JUDGMENT

Karthigesu JC

By an agreement in writing dated 23 May 1989 ('the settlement agreement') the plaintiff, the third defendant, the fourth defendant and several other persons and companies who are parties to that agreement agreed that the various disputes and differences which had arisen between them should be settled upon the terms and in the manner set forth in the settlement agreement. For present purposes it would be sufficient to note that the natural persons who are parties to the settlement agreement are members of the Phng family or of the extended Phng family and are shareholders in one or more of the corporate persons which are also parties to the settlement agreement.

The broad terms of the settlement was a disposal of all the assets owned by the natural and corporate persons who are parties to the settlement agreement and in order to effect this the parties to the settlement agreement had agreed, before the settlement agreement was entered into, that the task of disposal of their assets should be entrusted to a professional accounting firm. The accounting firm agreed on was Ernst & Whinney now known as Ernst & Young. Accordingly provision was made in the settlement ag