SINGAPORE: Three men successfully sued two of their brothers for their shares in the family business, after discovering that one of the defendants had transferred the plaintiffs' shares back to himself after initially agreeing to hand over their rightful shares.
The defendants claimed instead that Invest Ho was owned only by the two of them and that it was not a family business. Over the years, the Ho brothers established and were involved in several businesses, such as Ho Tong Seng Engineering Works Co and Ho Pak Kim Enterprise, acquiring various properties.
The plaintiffs also said they were given constant verbal reassurances between 2007 and 2012 that their respective shares in Invest Ho would be transferred to them.However, in 2012, the five brothers had a meeting and agreed to record their agreement that the shares in Invest Ho which were held in Soo Fong and Soo Kheng's names belonged equally to each of them.
"In light of their familial relationship, the plaintiffs did not insist," noted the judge."They also felt reassured by the existence of the 2012 agreement." This meant Soo Fong was the largest shareholder in Invest Ho with 1,240,000 shares. Soo Kheng held 950,000 shares and Peng Zuo continued to hold 310,000 shares.
In their case, the defendants said the Ho brothers were never involved in any family business or enterprise, and denied the existence of the 2012 agreement.
What a pity thus happened. How about others who don't even have any family assets to fight for.