A Singapore High Court judge ruled that a business deal involving a former wife, a businessman, and his current wife was a sham intended to reduce the businessman's assets during a divorce. The former wife, Chiang Ai Ling, had sued Tan Kian Chye and his second wife, Ang Siew Yan, alleging that Tan had orally agreed to pay her 25 percent of the proceeds from the sale of his company in exchange for transferring her shares. The court dismissed Chiang's claim, stating that the agreement never existed and was conceived after Ang filed for divorce.
The High Court dismissed Chiang’s claim for $13.7 million or any amount pertaining to the shares that were held in her name. SINGAPORE — A businessman and his former wife came up with a sham with the intention of reducing the value of his assets as he was going through a divorce with his current wife, a High Court judge has found.
In a written judgement issued on Dec 30, Justice Audrey Lim said the evidence showed that the purported agreement never existed and that the sham was conceived after Ang filed for divorce. In December 2006, Chiang filed for divorce, which was finalised in October 2007. Tan and Ang married in May 2008.By 2009, Chiang held 10 per cent of the shares, Tan had 66 per cent and Ang held 24 per cent.Tan then sold RYB to Japan-based company Chudenko Corporation in two tranches.Chiang claimed that in August 2015, Tan agreed to pay her 25 per cent of the proceeds from the sale of RYB in exchange for her transferring all her shares to him.
A beneficial owner is the person who ultimately owns and controls the shares in a company, even though the shares are registered under someone else's name. The judge said it was undisputed that Tan had built the business, and that the two women did not pay for the shares they held.
DIVORCE FRAUD BUSINESS DEAL SHARES SINGAPORE
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