IN a new twist to an ongoing dispute in Genting group’s Lim family, TA Enterprise Bhd is looking to recover amounts owed to it by Datuk Lim Tee Keong, the eldest son of the late gaming tycoon Tan Sri Lim Goh Tong. Tee Keong died in April 2014.
TA Securities Holdings Bhd and TA Centre Bhd — wholly-owned subsidiaries of listed stockbroking outfit TA Enterprise — have obtained a court order under Section 31 of the Bankruptcy Act 1967 to query 10 individuals to ascertain if there exist any assets belonging to Tee Keong, who was a bankrupt when he passed away.
According to court documents, Tee Keong owed 13 creditors, including TA Enterprise, as much as RM146.62 million.
Ten individuals are required to show up in court at 10am on Nov 29 but a source familiar with the matter says the date may be deferred as not all the 10 have been served the notice.
“It could be deferred, that’s my gut feeling. I don’t think they have managed to serve everyone,” he says.
The court order was obtained on Sept 8.
Section 31 of the Bankruptcy Act 1967 states that the court may, on the application of any creditor, summon any person known or suspected to have possession of the estate or effects belonging to the debtor, or any person capable of giving information on the debtor’s dealings or property, and if it appears to the court that the person called to court has in his possession any property belonging to the debtor, the court may order him to pay the amount in which he is indebted or deliver such property on terms the court deems just.
Among the individuals who need to present themselves in court are Tee Keong’s younger brothers, Tan Sri Lim Kok Thay, who is chairman and chief executive of Genting Bhd, and Datuk Lim Chee Wah, who is the founder and president of the VXL Group of Companies; and Tee Keong’s wife, Agnes Tan Bee Gaik, and Joanne Fok Chan Kok, with whom Tee Keong had two children — Kenneth Lim Keong Wye and Katherine Lim Seok Yan.
Another individual is Joseph Lai Khee Sin, principal partner of legal firm Lai & Lai and board member of Kien Huat Realty Sdn Bhd, which is the Lim family’s investment vehicle with 39.76% equity interest in Genting Bhd.
Rounding off the list are Roselind Niap Kam Lian, company secretary of some of the companies owned by the Lim family, such as Infoline Sdn Bhd; Quah Chek Tin, former executive director of Genting Bhd; Gerard Lim Ewe King, a director of companies that control Kien Huat Realty and a witness to Tee Keong’s will; Infoline director Yap Chong Chew; and Mak Siew Wei, who is said to be a close to some members of the Lim family.
Infoline is believed to be a vehicle set up to hold the Tee Keong Family Trust. A trust deed between Quah and Infoline was formed to manage the trust, which holds a portion of Goh Tong’s Malaysian residual assets.
The use of Section 31 of the Bankruptcy Act 1967 comes at a time when the Lim family is embroiled in family feud.
To recap, Tee Keong’s two sons, Joey Lim Keong Yew and Benjamin Lim Keong Hoe, and daughter Marie Lim Seok Leng, have taken legal action against their uncles, Kok Thay and Chee Wah.
Two matters are being contested — Tee Keong’s will and the removal of Keong Hoe and Seok Leng as the beneficiaries of the Tee Keong Family Trust that was set up by patriarch Goh Tong in 1990.
Keong Yew and Keong Hoe were not named as beneficiaries in Tee Keong’s will. His wife Tan had been given 10% of his estate while his daughter Seok Leng got 10%. The bulk of his wealth has been left to his children by Fok. Keong Wye gets the lion’s share of 60% and daughter Seok Yan 20%.
Tee Keong’s will was signed on March 11, 2014, about a month before he passed away.
Keong Yew and Keong Hoe are questioning several aspects of the will, including the fact that Lai & Lai Partnership prepared Tee Keong’s will. The two witnesses are Tan Chui Lin, an advocate and solicitor with Lai & Lai, and Gerard, who has been ordered to appear in court on Nov 29. The nephews also want to know the contents of the trust.
Lai & Lai is the legal consultant for the Genting group, which is currently run by Kok Thay.
Kok Thay and Chee Wah, meanwhile, have stated that the services of Lai & Lai were at Tee Keong’s request, that Infoline director Yap was a close friend of Tee Keong, and that Gerard was a mere witness to the will.
As for the Tee Keong Family Trust, Keong Hoe and Seok Leng contend that their removal as beneficiaries is wrongful and unlawful while Infoline begs to differ.
Chee Wah is also a director of Infoline, whose shareholding is split equally between him, Gerard and company secretary Niap.
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