Chinese news veteran Chua Chim Kang set up an education company with his business partner and a businessman in 2017.Before he joined his new employer Mediacorp, Chinese news veteran Chua Chim Kang signed an agreement to transfer his shares in an education company to his business partner, Ms Lee Kuan Fung.The shareholder is a businessman who has sued Mr Chua and Ms Lee for repayment of a $990,000 loan to the education company.
The agreement also stated that Mr Chua and Ms Lee have to “commit to management and intellectual property”, and that Mr Chua’s 35 per cent stake in the firm would be held by Ms Lee.In July 2023, Mr Ren sued Mr Chua and Ms Lee, seeking repayment of the loan. The trial, which started in November 2024, resumed this week with Ms Lee and Mr Chua taking the stand. Both testified through a Mandarin interpreter.
Ms Kang also referred to a conversation in August 2020 that Mr Ren had secretly recorded while he was discussing company matters with Mr Chua over the phone. Mr Chua, who took the stand on Jan 9, maintained that, from the outset, he did not want to be involved in the day-to-day management, but Mr Ren had insisted that he be given shares.
Ms Kang also noted that the joint cooperation agreement contained a clause that other investors have to be notified of transfers of shares.