The High Court in Singapore has ordered the freezing of a businessman's assets due to concerns over his ability to fulfill the remaining S$7.56 million in his divorce settlement. The ex-wife, who was awarded S$20 million, sought the injunction after the man missed payments, refinanced properties, and transferred funds. The court cited the man's past behavior as justification for the Mareva injunction, requiring him to place the outstanding amount with his lawyers.
SINGAPORE: The assets of a businessman were ordered frozen by the High Court after concerns that he might not make good on the balance of S$7.56 million in the divorce settlement he has with his ex-wife.
They have two children. By 2022, the wife filed for divorce in Singapore and was supposed to receive S$20 million, the total of the divorce settlement, according to a report inThe husband was supposed to pay $312,500 every month until June 2027 to complete this settlement. He was also required to pay for the mortgage and household expenses for the home where the wife and children lived until the settlement was complete. However, by 2024, the man started missing payments. This caused the wife to legally ask for changes to the payment scheme. The court said no to her but required the man to give assurances that he would follow the payment schedule that had originally been set.Najib to 'support' Rosmah tomorrow when judge decides if she has to enter defence in bribes-for-project trial The wife grew even more concerned when her husband refinanced one of their properties with a much larger loan. He also withdrew S$18.3 million drawn down from the financing loan and transferred S$18.2 million of it to his company. While he said that this amount was a payment for a debt of S$15.9 million to the company, the court said this did not explain the excess S$2.2 million that had come in, and High Court Judge Choo Han Teck called into question the transparency of the transactions, characterising it “an unusual and unexplained movement of funds.” The wife also expressed concerns about her ex-husband’s reported plan to move to Dubai, especially after he had S$300,000 in overdue payments. In September of last year, she therefore applied for a domestic Mareva injunction that would restrain him from transactions involving assets while there are existing legal obligations, as these transactions could frustrate the enforcement of a settlement or consent order.Pritam Singh on gov’t takeover of Singapore Sports Hub: How much has the gov’t charged SHPL for non-performance?The court granted the woman’s application for the Mareva injunction, with Justice Choo saying that it was needed based on the man’s prior behaviour. On February 5, the husband was restrained by the court from disposing of his assets worth the S$7.56 million he still owes his wife. Within 30 days, the man needs to place this amount with his lawyers, who will hold it in trust and make the payments to his wife each month until the obligation from their divorce settlement is completed in June 2027. /TISG ‘I grew the account to over S$120K’: Man says soon-to-be ex-wife he caught cheating is withholding trading profits he earneddocument.addEventListener=>{ const trigger=document.getElementById; if { const observer=new IntersectionObserver=>{ entries.forEach { lazyLoader; // You should define lazyLoader elsewhere or inline here observer.unobserve; // Run once } }); }, { rootMargin: '800px', threshold: 0.1 }); observer.observe; } else { // Fallback setTimeout; } });Three people were hospitalized after fire breaks out on the ground floor of Hougang HDB block With 21 traffic violations prior, intoxicated man from a wedding banquet shows no remorse after driving into 7 cars and fleeingMan upset as colleagues who submitted resignation letters received counteroffers from company and now earn more than him26-year-old Aussie quits office job for microshifting — works in short bursts as 9-to-5 doesn’t suit herSingaporeans applaud immediate 20% increase in tobacco tax, but ask if more should be done to curb smokingLeon Perera: Are we Singaporeans more confident or more fearful about the future? ‘Tan who?’ Netizens wonder why ex WP chair is weighing in on Pritam Singh’s discipline case, special cadre conference
Divorce Settlement Asset Freeze High Court Mareva Injunction Financial Dispute
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