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Tuesday, 10 February 2009
High Court rules financial difficulties at Raffles Town Club caused by 2 shareholders
Singapore’s High Court has ruled that the financial difficulties faced by Raffles Town Club were substantially caused by two of its shareholders - Lin Jian Wei and Margaret Tung.
High Court rules financial difficulties at Raffles Town Club caused by 2 shareholders
Imelda Saad, Channel NewsAsia 10 February 2009
Singapore’s High Court has ruled that the financial difficulties faced by Raffles Town Club were substantially caused by two of its shareholders - Lin Jian Wei and Margaret Tung.
But in delivering his judgement, Justice Chan Seng Oon also dismissed former stock broker and billionaire Peter Lim’s allegations that both parties had defamed him.
Justice Chan said the defendents “dominant motive was to mislead investors of Raffles Town Club into accepting the Scheme of Arrangement and Compromise” and not to injure Lim’s reputation.
The court ruled “it could not find sufficient evidence” of “malice directed against Lim”.
But what is clear is that Lin and Tung had “raided the company’s funds” and were “bent on draining the current assets of Raffles Town Club”.
In a statement, Lim said he has cleared his name as the judge agreed that when he left the club, it had more than S$200 million for members’ benefit.
But Lim added that Tung and Lin asset-stripped the Club, deceived members and had blamed him.
However, Raffles Town Club’s court room battle is far from over.
In a separate suit, the club is seeking to claim close to S$130 million from former shareholders, including Lim.
The club alleged the defendants had breached their fiduciary duties.
The proceedings came about after the courts awarded damages to the almost 5,000 members who sued the club after finding out their so-called exclusive club actually had 19,000 members.
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High Court rules financial difficulties at Raffles Town Club caused by 2 shareholders
Imelda Saad, Channel NewsAsia
10 February 2009
Singapore’s High Court has ruled that the financial difficulties faced by Raffles Town Club were substantially caused by two of its shareholders - Lin Jian Wei and Margaret Tung.
But in delivering his judgement, Justice Chan Seng Oon also dismissed former stock broker and billionaire Peter Lim’s allegations that both parties had defamed him.
Justice Chan said the defendents “dominant motive was to mislead investors of Raffles Town Club into accepting the Scheme of Arrangement and Compromise” and not to injure Lim’s reputation.
The court ruled “it could not find sufficient evidence” of “malice directed against Lim”.
But what is clear is that Lin and Tung had “raided the company’s funds” and were “bent on draining the current assets of Raffles Town Club”.
In a statement, Lim said he has cleared his name as the judge agreed that when he left the club, it had more than S$200 million for members’ benefit.
But Lim added that Tung and Lin asset-stripped the Club, deceived members and had blamed him.
However, Raffles Town Club’s court room battle is far from over.
In a separate suit, the club is seeking to claim close to S$130 million from former shareholders, including Lim.
The club alleged the defendants had breached their fiduciary duties.
The proceedings came about after the courts awarded damages to the almost 5,000 members who sued the club after finding out their so-called exclusive club actually had 19,000 members.
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