Businessman Oei Hong Leong sues for $15m in alleged share loss

Mr Chew Hua Seng (right) says he and Mr Oei Hong Leong had only a "friendly agreement" on share sale.
Mr Chew Hua Seng (right) says he and Mr Oei Hong Leong had only a "friendly agreement" on share sale.PHOTOS: ST FILE

Tycoon seeks $15m as Raffles Education boss allegedly failed to sell shares by agreed date

Businessman Oei Hong Leong has sued the chairman of Raffles Education Corporation, Mr Chew Hua Seng, for some $15 million in alleged losses for breaching an agreement to find a buyer for Mr Oei's shares in the company.

The amount he is claiming is the difference between the agreed 44 cents a share sale price and the 33 cents a share price when trading closed on Nov 15 last year, the agreed deadline in the alleged deal.

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A version of this article appeared in the print edition of The Straits Times on June 13, 2018, with the headline 'Oei Hong Leong sues for alleged share loss'. Print Edition | Subscribe