Daughters sue dad over $15m of shares

[Musicwhiz]

It's really quite sad to read about family disputes over money - to the extent that a lawsuit is required!

Oct 30, 2010
Daughters sue dad over $15m of shares
Duo say stocks are a gift; he says they had to pay for them
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.

His daughters said in court documents filed that their father verbally offered to increase their shareholdings in Yeo Holdings to 758,278 shares each in recognition of their work for Swissco Offshore, a ship-handling firm and subsidiary of Swissco International, the main asset of Yeo Holdings.

Catherine worked at Swissco Offshore for about 20 years while Margaret put in several stints between 1998 and 2005. They also claimed they were to get the shares as gifts from a father wanting to provide for his children.

But they fell out with him in April 2005 when their mother started divorce proceedings. In his defence statements filed in the divorce suit, he accepted that his daughters were allotted the shares.

In court papers filed by their lawyer, Mr Boey Swee Siang, the daughters also claimed he had never asked that the shares be paid for before the divorce proceedings.

Mr Yeo, however, countered that he had offered to release the shares in June 2006 if they pay for them but neither of them took up his renewed offer.

He pointed out that he started Yeo Holdings in January 2004 with his son Alex, putting up $4,999,999 to the latter's $1.

He was, therefore, the beneficial owner pending transfer of the shares in any way he deemed fit.

In September last year, he transferred the shares, allotting them to his brother and sister without his daughters' consent.

His daughters claimed the move was invalid and sought damages.

A pre-trial conference was held on Wednesday.

The case will be heard in the High Court next month when Mr Yeo's lawyer, Mr Nicholas Lazarus, will seek to lift a High Court injunction freezing his assets, pending the outcome of the suit.

vijayan@sph.com.sg

[kim101]

Yeo Chong Lin SWISSCO founder pay ex-wife Nancy Tay S$ 41m

It's really quite sad to read about family disputes over money - to the extent that a lawsuit is required!

Oct 30, 2010
Daughters sue dad over $15m of shares
Duo say stocks are a gift; he says they had to pay for them
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.

His daughters said in court documents filed that their father verbally offered to increase their shareholdings in Yeo Holdings to 758,278 shares each in recognition of their work for Swissco Offshore, a ship-handling firm and subsidiary of Swissco International, the main asset of Yeo Holdings.

Catherine worked at Swissco Offshore for about 20 years while Margaret put in several stints between 1998 and 2005. They also claimed they were to get the shares as gifts from a father wanting to provide for his children.

But they fell out with him in April 2005 when their mother started divorce proceedings. In his defence statements filed in the divorce suit, he accepted that his daughters were allotted the shares.

In court papers filed by their lawyer, Mr Boey Swee Siang, the daughters also claimed he had never asked that the shares be paid for before the divorce proceedings.

Mr Yeo, however, countered that he had offered to release the shares in June 2006 if they pay for them but neither of them took up his renewed offer.

He pointed out that he started Yeo Holdings in January 2004 with his son Alex, putting up $4,999,999 to the latter's $1.

He was, therefore, the beneficial owner pending transfer of the shares in any way he deemed fit.

In September last year, he transferred the shares, allotting them to his brother and sister without his daughters' consent.

His daughters claimed the move was invalid and sought damages.

A pre-trial conference was held on Wednesday.

The case will be heard in the High Court next month when Mr Yeo's lawyer, Mr Nicholas Lazarus, will seek to lift a High Court injunction freezing his assets, pending the outcome of the suit.

vijayan@sph.com.sg

[propertyinvestor]

Sin Chew Daily/ANN
Saturday, Feb 25, 2012

Shipping tycoon Yeo Chong Lin is giving only S$1 (RM2.40) inheritence to each of his four children.

The 77-year-old Singaporean did not leave a single cent to his girlfriend of six years.

Instead, Yeo left his entire S$45 million fortune to his seven siblings.

He told Lianhe Wanbao that he had severed ties with his children.

Yeo, the main shareholders of Yeo Holdings, lost a divorce suit in which he was order to pay S$24 million to his ex-wife Nancy Tay last year.

The money was under the care of his eldest son, aged 56.

Earlier, the tycoon had given S$25 million worth of cash and company shares to his youngest son, 45, and S$15 million to his two daughters - aged 48 and 54.

Yeo said the four children and eight grandchildren had never visited or telephoned him since then.

"Whatever it is, I'm still their father. But they began to ignore me after taking the money. They didn't even call to say hello," said Yeo.

Yeo, who started his career as a shipping clerk at 17, is a self-made millionaire.

"My family was very poor. My father did not even leave a bicycle for me when he died.

"For the past 60 years, I work so hard everyday, sacrificing myself so that my family get to live a comfortable life.

"I sent my children to study abroad. Not only that they need not work to earn the tuition fees, they could drive new cars around.

"They never appreciate what I've done for them. I don't owe them anything!"

Yeo, who is currently living with his girlfriend, said he would not marry again.

[propertyinvestor]

Sin Chew Daily/ANN
Saturday, Feb 25, 2012

Shipping tycoon Yeo Chong Lin is giving only S$1 (RM2.40) inheritence to each of his four children.

The 77-year-old Singaporean did not leave a single cent to his girlfriend of six years.

Instead, Yeo left his entire S$45 million fortune to his seven siblings.

He told Lianhe Wanbao that he had severed ties with his children.

Yeo, the main shareholders of Yeo Holdings, lost a divorce suit in which he was order to pay S$24 million to his ex-wife Nancy Tay last year.

The money was under the care of his eldest son, aged 56.

Earlier, the tycoon had given S$25 million worth of cash and company shares to his youngest son, 45, and S$15 million to his two daughters - aged 48 and 54.

Yeo said the four children and eight grandchildren had never visited or telephoned him since then.

"Whatever it is, I'm still their father. But they began to ignore me after taking the money. They didn't even call to say hello," said Yeo.

Yeo, who started his career as a shipping clerk at 17, is a self-made millionaire.

"My family was very poor. My father did not even leave a bicycle for me when he died.

"For the past 60 years, I work so hard everyday, sacrificing myself so that my family get to live a comfortable life.

"I sent my children to study abroad. Not only that they need not work to earn the tuition fees, they could drive new cars around.

"They never appreciate what I've done for them. I don't owe them anything!"

Yeo, who is currently living with his girlfriend, said he would not marry again.

[sgd]

very sad.

Even in bible there is a passage somewhere that says it is not a good idea to allow your children to inherit your wealth before your final time.

He finally saw the true color of his children but for what? At such an age it is better not to know, at this age should be enjoying life there not enough time for anymore worries or regrets, now there will just be bitterness.

[arthur]

I kinda feel sad for Mr Yeo, esp the part "My family was very poor. My father did not even leave a bicycle for me when he died."

I feel utmost ingratitude towards his children, who may of cos, think they deserve his inheritance due to simply being the "fastest swimmer" in their mother's womb.

Crap.

[pianist]

yeo holdings is an investment firm rite?i remember during the crisis, they bought quite a lot of shares in a particular counter that striked me very much.

[KopiKat]

I wouldn't jump to the conclusion that most would draw from the article, simply because it must have been released by Mr Yeo (about the beneficiaries to his will) to the press to serve his personal agenda.

The key question I'd ask is why his wife of 49 years, who must have married him when he was as poor as a church mouse, wanted to divorce him? I won't be very surprised if it's related to at least one other women since Mr Yeo is able to so quickly 'secure' a girl friend so soon after his divorce. Most likely, his kids are taking sides with the mother, who's likely the aggrieved party who had to bear with his 'socialising' activities over the years. Perhaps if I'm too free, I should go dig up the court proceedings on the divorce case to check what's the grounds for divorce and why the Judge awarded $41M to the wife.

I think I've been watching too many soap operas or perhaps I can turn script writer for TCS.

[yeokiwi]

I wouldn't jump to the conclusion that most would draw from the article, simply because it must have been released by Mr Yeo (about the beneficiaries to his will) to the press to serve his personal agenda.

The key question I'd ask is why his wife of 49 years, who must have married him when he was as poor as a church mouse, wanted to divorce him? I won't be very surprised if it's related to at least one other women since Mr Yeo is able to so quickly 'secure' a girl friend so soon after his divorce. Most likely, his kids are taking sides with the mother, who's likely the aggrieved party who had to bear with his 'socialising' activities over the years. Perhaps if I'm too free, I should go dig up the court proceedings on the divorce case to check what's the grounds for divorce and why the Judge awarded $41M to the wife.

I think I've been watching too many soap operas or perhaps I can turn script writer for TCS.

Leaving inheritance to children is a bad idea. It deprives them of the joys(or pains) of building their careers and reduces their probability to unleash their maximum potential.
A good education and proper upbringings are good enough.

How much they can achieve is up to them.
Billionaire is possible before 30.
Annual US100k package is easily available for capable people.
Doctor, lawyer, engineer, accountant, teachers, bankers, software developers are opened to anyone that works hard.
Want to setup your own businesses? why not.

And, I will make sure that I will not be a burden to them to hinder their career progression.
If they fail in any endeavour, they are welcomed back to my house to have three meals and a bed to sleep.

[Musicwhiz]

If they fail in any endeavour, they are welcomed back to my house to have three meals and a bed to sleep.

Depends what kind of meal and what kind of bed! LOL!

But yeah, I agree with your assessment. We see eye to eye on how to bring up the next generation.