Stamford Law is acting as counsel in a high value winding-up action (potentially worth SGD 800m) which is relevant to the Singapore context where traditional Chinese businesses are often family-run affairs.
In such traditional family-run companies, there is often the issue of the patriarch’s rights and expectations and the enforcement of them notwithstanding corporate governance rules. This has rarely been litigated in the Singapore courts. In this action, the issue is further complicated by the fact that the company – Hiap Hoe Holdings – is the parent company of the Hiap Hoe Group which includes the public-listed subsidiaries, Hiap Hoe Limited and SuperBowl Holdings Limited.
There is also the question of whether the Singapore courts will grant a winding-up order if the patriarch’s rights and expectations have truly been thwarted on account of the public interest given that there may be repercussions on two Singapore listed subsidiaries.
The petitioner for the winding-up is the company’s founder and patriarch and claims that the company is worth about SGD 800 M.
Stamford Law represents the sons of the patriarch who themselves are directors and substantial shareholders.
Related Posts:
- None Found