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| Nov 18, 2008 | |
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Raffles Town Club legal saga
Tycoon's divorce in spotlight
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| By Michelle Tay | |
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DAY 39 of the long-running Raffles Town Club legal saga took a dramatic turn on Tuesday with lawyers for RTC thrusting billionaire investor Peter Lim's former divorce proceedings back into the spotlight. Allen & Gledhill lawyer Ang Cheng Hock accused Mr Lim of juggling the club's loans and payments to hide his assets from his ex-wife, Ms Venus Teo, with whom he went through a messy and high-profile divorce from 1995 to 1999. Mr Ang said that Mr Lim purposefully waited until August 2000 to claim his promised 40 per cent shareholding in the club, because his divorce proceedings did not conclude until June 2000. But Mr Lim said numerous times 'I disagree' and, at one point, told Mr Ang: 'You don't bring the divorce up for fun, you know?' Mr Lim also accused Mr Ang of 'muddying the waters' in the case, which kicked off on Sept 15 and is scheduled to run into next year. The case, brought by the current shareholders of RTC, alleges that the former shareholders of the club - Mr Lawrence Ang, Mr William Tan and Mr Dennis Foo, as well as Mr Lim - have breached their fiduciary duties to the club. RTC is trying to claim a total of $130 million from the four men. The 'mega trial', as it has been dubbed, involves five counter suits, six law firms acting for seven parties and no fewer than 320 bundles of documents. The hearing continues. | |
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