Man sued father after asking for S$15 million to 'amicably exit' failed supermarket business

SINGAPORE: A man who sued his father over a failed supermarket business, claiming he was verbally promised a larger share of the company and property, has had his case dismissed by the High Court.

Mr Kwek Hong Lim had demanded S$15 million (US$11.3 million) for his "amicable exit" from the company that ran YES Supermarket in Tampines and later threatened to publicise the family dispute.

His father Kwek Sum Chuan, who founded the company, said there was no such verbal agreement. When they could not agree on the terms of his son's exit, the younger man launched a legal suit.

The older man said his son had “seriously mismanaged the company” and that it incurred significant financial losses as a result. The supermarket, located at Block 201B Tampines Street 21, ceased operations in 2018.

The High Court dismissed the lawsuit on Thursday (Mar 23).

Justice Hoo Sheau Peng said: “Having observed the plaintiff (the son) and having considered his evidence against the surrounding facts and circumstances, I do not find the plaintiff a credible witness.

💰 Stocks to watch today?(15 Nov)

1. What news/movements are worth noting in the market today? Any stocks to watch? 2. What trading opportunities are there? Do you have any plans? 🎁 Make a post here, everyone stands a chance to win Tiger coins!

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

llq68
2023-03-27
llq68
ok
AlanChia
2023-03-27
AlanChia
k
Irisz
2023-03-27
Irisz
Ok
Edmondcjj
2023-03-27
Edmondcjj
C
Hunter88
2023-03-27
Hunter88
K
Agari
2023-03-27
Agari
ok

Leave a comment

13

16

{"i18n":{"language":"en_US"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":9941915782,"tweetId":"9941915782","gmtCreate":1679916013647,"gmtModify":1679917647022,"author":{"id":4143018502440132,"idStr":"4143018502440132","authorId":4143018502440132,"authorIdStr":"4143018502440132","name":"Nelly very","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":3,"starInvestorFlag":false},"themes":[{"themeId":"470d3ab575ca43caaed8156645b7ccbe","categoryId":"ab3d937a5fd848c08008411a9be702b5","name":"💰 Stocks to watch today?(15 Nov)","type":0,"rnLink":"https://laohu8.com/RN?name=RNTheme&page=/theme/detail&rndata={\"themeId\":470d3ab575ca43caaed8156645b7ccbe}&rnconfig={\"headerBarHidden\": true}","description":"1. What news/movements are worth noting in the market today? Any stocks to watch? \n2. What trading opportunities are there? Do you have any plans?\n🎁 Make a post here, everyone stands a chance to win Tiger coins!","image":"https://static.tigerbbs.com/cd8eaff2e99964ab7a80d92cc196fcd3"}],"images":[],"coverImages":[],"title":"Man sued father after asking for S$15 million to 'amicably exit' failed supermarket business","html":"<html><head></head><body><p>SINGAPORE: A man who sued his father over a failed supermarket business, claiming he was verbally promised a larger share of the company and property, has had his case dismissed by the High Court.</p>\n<p>Mr Kwek Hong Lim had demanded S$15 million (US$11.3 million) for his \"amicable exit\" from the company that ran YES Supermarket in Tampines and later threatened to publicise the family dispute.</p>\n<p>His father Kwek Sum Chuan, who founded the company, said there was no such verbal agreement. When they could not agree on the terms of his son's exit, the younger man launched a legal suit.</p>\n<p>The older man said his son had “seriously mismanaged the company” and that it incurred significant financial losses as a result. The supermarket, located at Block 201B Tampines Street 21, ceased operations in 2018.</p>\n<p>The High Court dismissed the lawsuit on Thursday (Mar 23).</p>\n<p>Justice Hoo Sheau Peng said: “Having observed the plaintiff (the son) and having considered his evidence against the surrounding facts and circumstances, I do not find the plaintiff a credible witness.</p></body></html>","htmlText":"<html><head></head><body><p>SINGAPORE: A man who sued his father over a failed supermarket business, claiming he was verbally promised a larger share of the company and property, has had his case dismissed by the High Court.</p>\n<p>Mr Kwek Hong Lim had demanded S$15 million (US$11.3 million) for his \"amicable exit\" from the company that ran YES Supermarket in Tampines and later threatened to publicise the family dispute.</p>\n<p>His father Kwek Sum Chuan, who founded the company, said there was no such verbal agreement. When they could not agree on the terms of his son's exit, the younger man launched a legal suit.</p>\n<p>The older man said his son had “seriously mismanaged the company” and that it incurred significant financial losses as a result. The supermarket, located at Block 201B Tampines Street 21, ceased operations in 2018.</p>\n<p>The High Court dismissed the lawsuit on Thursday (Mar 23).</p>\n<p>Justice Hoo Sheau Peng said: “Having observed the plaintiff (the son) and having considered his evidence against the surrounding facts and circumstances, I do not find the plaintiff a credible witness.</p></body></html>","text":"SINGAPORE: A man who sued his father over a failed supermarket business, claiming he was verbally promised a larger share of the company and property, has had his case dismissed by the High Court. Mr Kwek Hong Lim had demanded S$15 million (US$11.3 million) for his \"amicable exit\" from the company that ran YES Supermarket in Tampines and later threatened to publicise the family dispute. His father Kwek Sum Chuan, who founded the company, said there was no such verbal agreement. When they could not agree on the terms of his son's exit, the younger man launched a legal suit. The older man said his son had “seriously mismanaged the company” and that it incurred significant financial losses as a result. The supermarket, located at Block 201B Tampines Street 21, ceased operations in 2018. The High Court dismissed the lawsuit on Thursday (Mar 23). Justice Hoo Sheau Peng said: “Having observed the plaintiff (the son) and having considered his evidence against the surrounding facts and circumstances, I do not find the plaintiff a credible witness.","highlighted":2,"essential":1,"paper":2,"likeSize":16,"commentSize":13,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/9941915782","repostId":0,"isVote":1,"tweetType":1,"viewCount":315,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":881,"xxTargetLangEnum":"ORIG"},"commentList":[{"id":106149696,"commentId":"106149696","gmtCreate":1679920128770,"gmtModify":1679920132038,"authorId":3583757975027578,"author":{"id":3583757975027578,"idStr":"3583757975027578","authorId":3583757975027578,"name":"llq68","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9941915782,"objectIdStr":"9941915782","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"<u>ok</u>","text":"<u>ok</u>","html":"<u>ok</u>","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"invalid","coins":0,"score":0},{"id":106149687,"commentId":"106149687","gmtCreate":1679920087161,"gmtModify":1679920090661,"authorId":4087975887742080,"author":{"id":4087975887742080,"idStr":"4087975887742080","authorId":4087975887742080,"name":"AlanChia","avatar":"https://static.tigerbbs.com/38a0945232f30d06760ddce13196c6aa","vip":1,"currentWearingBadge":{"badgeId":"972123088c9646f7b6091ae0662215be-3","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Legendary Trader","description":"Total number of securities or futures transactions reached 300","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.29","exceedPercentage":"93.90%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1100},"crmLevel":7,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9941915782,"objectIdStr":"9941915782","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"k","text":"k","html":"k","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"invalid","coins":0,"score":0},{"id":106149682,"commentId":"106149682","gmtCreate":1679920073114,"gmtModify":1679920079538,"authorId":4130131602592842,"author":{"id":4130131602592842,"idStr":"4130131602592842","authorId":4130131602592842,"name":"Irisz","avatar":"https://community-static.tradeup.com/news/d8caffc61919cfd4281f1489ce413c08","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9941915782,"objectIdStr":"9941915782","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"<span class=\"s1\">Ok</span>","text":"<span class=\"s1\">Ok</span>","html":"<span class=\"s1\">Ok</span>","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"invalid","coins":0,"score":0},{"id":106149679,"commentId":"106149679","gmtCreate":1679920064611,"gmtModify":1679920068125,"authorId":3569855107600299,"author":{"id":3569855107600299,"idStr":"3569855107600299","authorId":3569855107600299,"name":"Edmondcjj","avatar":"https://static.tigerbbs.com/d41e4f04d4ea45e51d1bcc339e98bb6c","vip":1,"currentWearingBadge":{"badgeId":"1026c425416b44e0aac28c11a0848493-2","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Senior Tiger","description":"Join the tiger community for 1000 days","bigImgUrl":"https://static.tigerbbs.com/0063fb68ea29c9ae6858c58630e182d5","smallImgUrl":"https://static.tigerbbs.com/96c699a93be4214d4b49aea6a5a5d1a4","grayImgUrl":"https://static.tigerbbs.com/35b0e542a9ff77046ed69ef602bc105d","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.08.28","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1001},"hat":"https://static.tigerbbs.com/4c5ceab71416b120bab4604c0754b52a","crmLevel":2,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9941915782,"objectIdStr":"9941915782","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"<span class=\"s1\">C</span>","text":"<span class=\"s1\">C</span>","html":"<span class=\"s1\">C</span>","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"invalid","coins":0,"score":0},{"id":106149673,"commentId":"106149673","gmtCreate":1679920057253,"gmtModify":1679920060685,"authorId":3568465315215545,"author":{"id":3568465315215545,"idStr":"3568465315215545","authorId":3568465315215545,"name":"Hunter88","avatar":"https://static.tigerbbs.com/86703ca12fc27292ee7240b13fa4e166","vip":1,"crmLevel":7,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9941915782,"objectIdStr":"9941915782","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"<span class=\"s1\">K</span>","text":"<span class=\"s1\">K</span>","html":"<span class=\"s1\">K</span>","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"invalid","coins":0,"score":0},{"id":106149672,"commentId":"106149672","gmtCreate":1679920056891,"gmtModify":1679920060226,"authorId":3579039416513059,"author":{"id":3579039416513059,"idStr":"3579039416513059","authorId":3579039416513059,"name":"Agari","avatar":"https://static.tigerbbs.com/f91bca646c81a84ca4b144df329d5935","vip":1,"crmLevel":3,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9941915782,"objectIdStr":"9941915782","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"ok","text":"ok","html":"ok","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"invalid","coins":0,"score":0}],"isCommentEnd":false,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/9941915782"}