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Mr Ong Tze Guan has launched a lawsuit against his 53-year-old brother and six other shareholders of Ong&Ong Holdings as well as the company itself, claiming that his stake of 28.45 per cent in Ong&Ong Holdings would have been worth S$5.41 million. But they were acquired by the seven defendants at S$1.65 million in September 2020, based on the ...
Older brother Ong Tze Guan, 55, has sued his younger brother Ong Tze Boon and six other shareholders, alleging minority oppression. The engineering-trained Tze Guan had a 28.45 per cent stake in ...
Tze Boon has also made a counterclaim against his older brother for loan recovery and defamation. He is seeking the repayment of an outstanding personal loan (with interest) of S$700,000, which he ...
Mr Tze Boon is also seeking the repayment of an outstanding personal loan of S$700,000 including the interest, which he had given his brother in 2002 and 2003. It was reported that Mr Tze Guan has ...
In his suit filed on April 30, Tze Guan, 55, claimed that his 28.45 per cent shareholding in Ong&Ong Holdings had been acquired by the defendants at an undervalue. He had proposed selling his shares for $5.4 million, but his stake was transferred to the other shareholders for $1.65 million, based on a valuation by the company’s auditors.
In his court filing, Tze Guan, who was not involved in the day-today operations of the group, said that in May 2016, he proposed selling a percentage of his shares to Tze Boon. He claims that in the course of discussions over the valuation of his shares, he discovered that Tze Boon had “conducted the affairs of various companies within the group in a manner that was oppressive and unfairly ...
Mr Ong Tze Guan is represented by Daniel Koh of Eldan Law. Business Times reports:. FORMER Singapore president Ong Teng Cheong's sons are bringing their rift to the public arena, with the eldest son Ong Tze Guan suing his brother Ong Tze Boon and seven others, claiming his shares in the family business were undervalued when the defendants acquired them.
