Updated: 01/26/2013 02:35

AXA, estate of Ma Chi reach compensation deal

YouTube grab of footage

YouTube grab of footage

The insurers of the Ferrari car involved in a high-speed crash that left two others dead and two injured have reached a settlement with the estate of the driver, the late Mr Ma Chi. 

AXA Insurance Singapore and Mr Ma's estate jointly announced that they've mutually agreed on a deal. 

They'll settle all financial claims between the parties. 

All third-party victims or their families will get compensation. 

AXA will not look towards the estate of Mr Ma for any payment of compensation made to the third-party victims or their families.

These parties will not make any more claims against each other. 

They've also agreed to keep the details of the settlement, including the amount that'll be paid, confidential. 

In the crash on 12 May 2012, Mr Ma Chi, a 31-year-old Chinese national, is said to have beaten the red light along Victoria Street. 

His car hit a taxi, which then hit a motorcycle. 

The cabby and his Japanese passenger died, while two others were injured. 

In July, AXA Insurance Singapore notified the family of Mr Ma that it regards the incident as a collision, not an accident. 

It won't provide insurance coverage for the family but would settle the claims of third-party victims and then get Mr Ma's family to reimburse it. 

The family challenged AXA's stand. 

AXA had also asked the injured victims - Mr Muhammad Najib Ghazali, 26, and Ms Wu Weiwei, in her 20s - and the families of Mr Cheng Teck Hock and Ms Shigemi Ito to submit their claims.

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