He claims she oppressed his minority rights; she claims he was given a stake only because of their relationship
By Selina Lum
SHE was a businesswoman and art lover who wanted to go into the art business full time. He, six years her junior, was an IT specialist and her live-in boyfriend whom she supported financially.
Ms. Helina Chan, now 46, and Mr. Lim Chee Twang, now 40, became partners in an art business called iPreciation - in name, at least.
She put in the money, he lent his ‘IT expertise’.
Then their relationship ended, and now their business partnership is on the rocks too.
Mr. Lim is suing Ms. Chan for mismanaging the company and oppressing his rights as a minority shareholder.
The Hong Kong-born Ms. Chan was one of the two winners of the Singapore Tourism Board’s New Tourism Entrepreneur Award in 2005 for bringing renowned art exhibits to Singapore.
She and Mr. Lim are shareholders and directors of five companies - three incorporated in Singapore, one in the British Virgin Islands and one in Hong Kong.
The various iPreciation companies are in the business of sourcing and selling artworks.
Mr. Lim has, under his name, shares in each of the five companies, ranging from 0.001 per cent to 40 per cent.
But he claims that the companies operated as a group and he is entitled to a 40 per cent stake of the whole group.
Mr. Lim claims that he was excluded from taking part in the management of the companies and wrongfully terminated as executive director.
He accused her of misappropriating more than $8 million from the companies. He alleged that she refused to pay out dividends when the companies had a ‘cash hoard’ of $10 million.
Mr. Lim is asking the court to order Ms. Chan to buy out his shares in the companies at fair value.
On her part, Ms. Chan maintains that she is the one who founded the business and the de facto boss who called the shots.
She contends that she gave Mr. Lim a stake in the business only on account of their relationship, not because they were really business partners.
Ms. Chan insists that the companies are distinct and separate entities and are not subsidiaries of a parent company.
The current trial is to determine whether Ms. Chan has to buy him out. If he wins, the actual value of the shares will be determined separately.
Ms. Chan and Mr. Lim met in late 1997 and began living together in 1999.
She lent him money to start an IT company when he had only $120 in the bank. She paid for his expenses and gave him expensive gifts.
They ended their relationship in 2005, but continued to live under the same roof to give his parents the impression he was doing well, she said.
Yesterday, Ms. Chan’s lawyer, Mr. Andrew Yeo, sought to show that Mr. Lim had not contributed to iPreciation and was never a business partner.
Mr. Yeo pointed out that Mr. Lim’s IT company invoiced iPreciation for work done. It did not make sense for him to bill his own company, noted the lawyer.
Mr. Yeo put it to Mr. Lim that he had been paid for his work or he was working for free to repay Ms. Chan for her financial help. Mr. Lim disagreed.
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Ex-lovers in court battle over company shares
He claims she oppressed his minority rights; she claims he was given a stake only because of their relationship
By Selina Lum
SHE was a businesswoman and art lover who wanted to go into the art business full time. He, six years her junior, was an IT specialist and her live-in boyfriend whom she supported financially.
Ms. Helina Chan, now 46, and Mr. Lim Chee Twang, now 40, became partners in an art business called iPreciation - in name, at least.
She put in the money, he lent his ‘IT expertise’.
Then their relationship ended, and now their business partnership is on the rocks too.
Mr. Lim is suing Ms. Chan for mismanaging the company and oppressing his rights as a minority shareholder.
The Hong Kong-born Ms. Chan was one of the two winners of the Singapore Tourism Board’s New Tourism Entrepreneur Award in 2005 for bringing renowned art exhibits to Singapore.
She and Mr. Lim are shareholders and directors of five companies - three incorporated in Singapore, one in the British Virgin Islands and one in Hong Kong.
The various iPreciation companies are in the business of sourcing and selling artworks.
Mr. Lim has, under his name, shares in each of the five companies, ranging from 0.001 per cent to 40 per cent.
But he claims that the companies operated as a group and he is entitled to a 40 per cent stake of the whole group.
Mr. Lim claims that he was excluded from taking part in the management of the companies and wrongfully terminated as executive director.
He accused her of misappropriating more than $8 million from the companies. He alleged that she refused to pay out dividends when the companies had a ‘cash hoard’ of $10 million.
Mr. Lim is asking the court to order Ms. Chan to buy out his shares in the companies at fair value.
On her part, Ms. Chan maintains that she is the one who founded the business and the de facto boss who called the shots.
She contends that she gave Mr. Lim a stake in the business only on account of their relationship, not because they were really business partners.
Ms. Chan insists that the companies are distinct and separate entities and are not subsidiaries of a parent company.
The current trial is to determine whether Ms. Chan has to buy him out. If he wins, the actual value of the shares will be determined separately.
Ms. Chan and Mr. Lim met in late 1997 and began living together in 1999.
She lent him money to start an IT company when he had only $120 in the bank. She paid for his expenses and gave him expensive gifts.
They ended their relationship in 2005, but continued to live under the same roof to give his parents the impression he was doing well, she said.
Yesterday, Ms. Chan’s lawyer, Mr. Andrew Yeo, sought to show that Mr. Lim had not contributed to iPreciation and was never a business partner.
Mr. Yeo pointed out that Mr. Lim’s IT company invoiced iPreciation for work done. It did not make sense for him to bill his own company, noted the lawyer.
Mr. Yeo put it to Mr. Lim that he had been paid for his work or he was working for free to repay Ms. Chan for her financial help. Mr. Lim disagreed.
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