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Jul 1, 2021 · 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 ...
Jul 1, 2021 · Ong Tze Guan, 55, filed the action against his younger brother Ong Tze Boon, 53, and six other shareholders as well as the holding company itself in April. The older brother holds a 28.45 per cent stake in Ong&Ong Holdings, which he claimed would have been worth S$5.41 million. The younger brother holds a 70.43 per cent stake in the family’s ...
- The Online Citizen
Jul 1, 2021 · 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 ...
Jul 1, 2021 · 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 ...
Jul 2, 2021 · As for the valuation of his brother’s shares, Mr Tze Boon explained that it had been company practice since 2010 that new share allotments would be given to shareholders at a price of net ...
Oct 29, 2021 · 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.
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How is Tze Boon valuing his brother's shares?
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Who are Ong Tze Guan and Ong Tze Boon?
Did Tze Boon pay Tze Guan a loan?
Who is Tze Guan & Tze Boon?
Why did Ong Tze Guan sue his brother for minority oppression?
Jul 2, 2021 · 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 ...
