SINGAPORE – A coffee shop operator who invested more than $500,000 in a used car business with a friend but got only a partial refund of his capital after he pulled out of the venture sued his business partner’s family following the man’s death.
Mr Wong and Mr Tin, who was the sole proprietor of Millenia Motor, had been friends for more than 15 years. Under the agreement, Mr Tin and Mr Wong would share the profits and losses in the proportion of 60 per cent to 40 per cent, and Mr Wong would be refunded his capital, after accounting for losses, when the venture is terminated.
He said Mr Tin made several proposals relating to the outstanding sum, including an offer to include Mr Wong’s name in a durian plantation investment, which he rejected. Mr Wong also called two mutual friends – a couple Mr Tin had introduced to him in 2012 – to testify as his witnesses.