Sons of former president Ong Teng Cheong face off in court
Two sons of former Singapore president Ong Teng Cheong are facing off in court in a dispute over shareholdings in the holding company that controls the architecture business founded by their parents.
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 Ong&Ong Holdings.
Tze Boon, 53, an architect, had a 70.43 per cent stake. He has counterclaimed against Tze Guan for defamation and to recover an outstanding loan.
Tze Guan's shares were transferred to the other shareholders in September last year for $1.65 million through a procedure set out in the company's articles of association.
He contends the transfer was procured by the defendants at an undervalue.
Tze Guan is asking the High Court to set aside the "erroneous" valuation and to order the defendants to buy him out, either at an agreed price or at a price fixed by an independent expert.
The suit, filed in April, was first reported by Chinese-language daily Lianhe Zaobao yesterday.
Mr Ong Teng Cheong, who served as Singapore's first elected president from 1993 to 1999, died in 2002 at the age of 66. His wife Siew May died in 1999, aged 62.
The couple started Ong & Ong Architects and Town Planner in 1972.
Mr Ong left in 1975 to take up public office.
In 1992, Mrs Ong incorporated a private limited company called Ong & Ong Architects. She willed her shares in the company to her husband and Tze Boon.
After Mr Ong's death, Tze Guan inherited his father's stake.
Over the years, the company underwent a few name changes. Tze Boon joined the company in 1994, and the business has since grown into a group of companies that also provide engineering and design services.
After a restructuring exercise in 2015, Ong&Ong Holdings became the parent company of the group.
Tze Boon is executive chairman of the group.
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