AXA Insurance Singapore and the family of the late Ferrari driver who died during a high-speed crash at Bugis last year have reached a private settlement.
In joint statement on Friday, AXA Insurance Singapore and the estate of the late Mr Ma Chi, 31, said they have agreed to settle, based on terms and conditions mutually agreed by both parties.
"Under the terms of the settlement agreement, in addition to settling all financial claims between the parties, all third party victims or their families will receive due compensation, which is not compromised in any way," said a media statement obtained by Yahoo! Singapore.
Under the agreement, AXA Insurance Singapore said it will not look towards the Estate of the late Ma Chi for any payment of compensation made to the third party victims or their families.
No further claims against each other that concern or arise from the Ferrari case will now be made.
Both parties also agreed that all other details of the settlement including any settlement sum are to remain "confidential.”
The crash at the junction of Victoria Street and Rochor Road also killed a taxi driver and his passenger and injured two others.
A coroner's court hearing last October revealed that Ma was driving his car at 178km/h -- three times the speed limit -- when the accident happened.
Earlier reports from the Health Science Authority showed the 32-year-old China national was not intoxicated at the time of his fatal crash.
Ma was a financial investor from Sichuan, China who had relocated to Singapore with his wife, He Ting Ting, 28, and child five years ago.
He left behind his wife Ting and two young daughters and an estate worth an estimated S$8.1 million , half of which will go to his wife and the remainder to be split equally among his children.
Ma’s mother, Ma Xiao Ling, took AXA
Singapore to court after the company initially said last August that they intended to withdraw
coverage for the deadly crash.
AXA said the collision was not regarded an accident under its policies, highlighting that Ma had driven at an “extremely excessive speed”.
Ferrari diver was travelling at 178km/h: coroner