G
Guan Ping
Guest
Oct 30, 2010
Dad sued over shares
By K. C. Vijayan, Law Correspondent
Mr Yeo Chong Lin, executive chairman of Yeo Holdings, says the shares were initially allotted to his daughters on the condition that they pay for them. He later transferred the shares to his sister and brother. -- ST FILE PHOTO
TWO daughters sued their father yesterday for the $15 million worth of shares they claim were meant for them as a gift. Mr Yeo Chong Lin, who is worth more than $115 million, is disputing the claim, arguing that the 758,278 shares were allotted to each of them on the condition that they pay for them.
The shares in Yeo Holdings, an investment firm, were never handed over to them but remained in his possession. They were later transferred by Mr Yeo to his sister, Ai Tin, and brother, Chong Boon. His two daughters, Ms Catherine Yeo, 52, and Ms Margaret Yeo, 40, are seeking a declaration from the High Court that the share transfer was wrong. They are also seeking damages for their alleged losses.
Both daughters fell out with their father after their parents' divorce in 2005, according to court documents filed. Mr Yeo, 76, who is executive chairman of Yeo Holdings, was divorced by his wife of 49 years, Madam Nancy Tay, 72. He was ordered to pay some $41 million in assets to her by the High Court in May. The couple have two sons and two daughters.
Read the full story in Saturday's edition of The Straits Times.
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