TWO daughters sued their father yesterday for the $15 million
worth of shares they claim were meant for them as a gift.
Mr Yeo Chong Lin, who is worth more than $115 million, is
disputing the claim, arguing that the 758,278 shares were allotted
to each of them on the condition that they pay for them. The shares
in Yeo Holdings, an investment firm, were never handed over to them
but remained in his possession. They were later transferred by Mr
Yeo to his sister, Ai Tin, and brother, Chong Boon.
His two daughters, Ms Catherine Yeo, 52, and Ms Margaret Yeo,
40, are seeking a declaration from the High Court that the share
transfer was wrong. They are also seeking damages for their alleged
losses.
Both daughters fell out with their father after their parents'
divorce in 2005, according to court documents filed.
Mr Yeo, 76, who is executive chairman of Yeo Holdings, was
divorced by his wife of 49 years, Madam Nancy Tay, 72. He was
ordered to pay some $41 million in assets to her by the High Court
in May.
The couple have two sons and two daughters.
-- ST
