Centrepoint Alliance has settled its dispute with Aviva Asia Holdings over the 2012 sale of Professional Investment Services’ Singapore business.

It says the settlement will cost it about $500,000. Aviva had claimed $S988,037 ($934,165) in damages plus interest and costs.

The dispute concerned a warranty in the share purchase agreement stating the earnings of the Singapore business, registered as Fifth Floor.

Aviva claimed the 2011 audited report for PIS overstated accrued commissions earned in the accounts for that year and in 2009.