In a joint statement yesterday, AXA Insurance Singapore and the estate of Ma Chi, 30, the Ferrari driver involved in the infamous crash at the junction of Victoria Street, have concluded the legal proceedings between them mutual terms and conditions.

AXA also said that it would recover from Mr Ma's estate all third-party compensation it had paid to the other victims.

Under the terms of the agreement, all financial claims between the parties will be settled, and the third-party victims or their families will receive "due compensation, which is not compromised in any way."

A part of the four-paragraph statement read, "Following this settlement, the parties will have no further claims against each other that concern or arise from the Ferrari case." All details of the settlement are strictly confidential.