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Banking Billionaire Wee’s Son Sues in Singapore Rent Row
<cite class="byline" style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 11px; vertical-align: baseline; background-color: transparent; color: rgb(111, 111, 111); display: block; font-style: normal; line-height: 1.3em; width: 350px; background-position: initial initial; background-repeat: initial initial;">By Andrea Tan - Mar 24, 2014</cite>
Wee Ee-Chao, a son of Singapore’s richest man Wee Cho Yaw, sued a medical devices firm for allegedly failing to pay rent on a bungalow near the city’s Orchard Road shopping district.
Aluminaid Pte owes Wee and his wife S$646,000 ($509,000) for loss of future income from the unfulfilled term of the lease and unpaid rent, according to a lawsuit filed in the Singapore High Court. The couple are seeking to end the lease and retake the property, which has a monthly rent of S$38,000.
Aluminaid countersued and asked for its four-month deposit back. The house was in a dilapidated state and infected with mold, making it unsafe, the bandage maker said in court papers.
Complaints about the 26,000-square-foot property were the tenant’s own doing, the Wees said in court papers this month. Aluminaid’s chief executive officer, who wasn’t named in the court documents, appears to be happy living in the present conditions as he continues to stay there, the Wees said.
Similar houses in the Chatsworth Road area have sold for at least S$22 million. Wee is the chairman of UOB-Kay Hian Holdings, the brokerage unit of United Overseas Bank Ltd. His father, Wee Cho Yaw has a net worth of $7.2 billion, according to the Bloomberg Billionaires Index.
Wee’s lawyer Lim Seng Sheoh declined to comment on the dispute. Aluminaid declined to comment in an e-mailed statement.
The case is Wee Ee Chao v Aluminaid Pte, S85/2014. Singapore High Court.
<cite class="byline" style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 11px; vertical-align: baseline; background-color: transparent; color: rgb(111, 111, 111); display: block; font-style: normal; line-height: 1.3em; width: 350px; background-position: initial initial; background-repeat: initial initial;">By Andrea Tan - Mar 24, 2014</cite>
Wee Ee-Chao, a son of Singapore’s richest man Wee Cho Yaw, sued a medical devices firm for allegedly failing to pay rent on a bungalow near the city’s Orchard Road shopping district.
Aluminaid Pte owes Wee and his wife S$646,000 ($509,000) for loss of future income from the unfulfilled term of the lease and unpaid rent, according to a lawsuit filed in the Singapore High Court. The couple are seeking to end the lease and retake the property, which has a monthly rent of S$38,000.
Aluminaid countersued and asked for its four-month deposit back. The house was in a dilapidated state and infected with mold, making it unsafe, the bandage maker said in court papers.
Complaints about the 26,000-square-foot property were the tenant’s own doing, the Wees said in court papers this month. Aluminaid’s chief executive officer, who wasn’t named in the court documents, appears to be happy living in the present conditions as he continues to stay there, the Wees said.
Similar houses in the Chatsworth Road area have sold for at least S$22 million. Wee is the chairman of UOB-Kay Hian Holdings, the brokerage unit of United Overseas Bank Ltd. His father, Wee Cho Yaw has a net worth of $7.2 billion, according to the Bloomberg Billionaires Index.
Wee’s lawyer Lim Seng Sheoh declined to comment on the dispute. Aluminaid declined to comment in an e-mailed statement.
The case is Wee Ee Chao v Aluminaid Pte, S85/2014. Singapore High Court.
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