Rockwills
By Peter Lee
Despite Michelle Lee’s (Lee Sr’s daughter) plea to her Company Secretary to transfer her father’s shares of 70% in three of the family companies to her mother Mrs Patricia Lee, her Company Secretary still refused to do so because Michelle could not produce her father’s Letter Of Administration (L.A.) and at the same time the Company Secretary knew that Connie (Lee Sr’s 2nd wife) is going to lay claim to the shares. In view of this, Michelle asked her Company Secretary to resign. Then she searched for other Company Secretaries who were willing to assume the role as the new Company Secretary to execute the transfer. However, all the Company Secretaries she asked told her that she has to produce the L.A. and distribution must be based on Intestacy Law. With no choice, she proceeded by trying to submit the pre-signed share transfer forms herself to the stamping office but it was blocked as these transfers have to be done by the Company Secretary.
She then met up with her mum, Mrs Patricia Lee and brother, John Lee to inform them about this. As usual, Mrs Patricia Lee was very annoyed and said “You people have to do whatever it takes to resolve this or else our family wealth in these three Companies will be fragmented.” In response, John said “Mum, you can see that Michelle has exhausted all avenues to have these shares transferred. So, it looks like our option now is to follow the distribution of father’s estate according to Intestacy Law.” In response, Michelle said, “Are you sure that’s what you want for our own family?” John shot back and said “So, what else can we do?” Michelle then said, “I think you are the only one now who can talk to her.” John immediately responded in anger and said, “I think you are out of your mind to consider this option especially after you assaulted her like that the other day. For that incident, let me remind you that there might be a possible police case against you.”
Mrs Patricia Lee then interrupted and said, “Ok John! I think I have heard enough. For the sake of our family, I beg you to try and talk to Connie just one more time about these shares.” John then said, “I think this is ridiculous. Ok! If I am going to be the so-called mediator, then what can we offer her now? As you all know, she wants her entitlement to all of father’s estate especially these shares. We have told her that the total value of the Companies shares is worth about RM20 million, subject to the final audited accounts. Bear in mind that most of our asset properties in our Balance Sheet have not been revalued. Mrs Patricia Lee then asked “What does that mean?” John replied, “What it means is that the RM20 million is quite a conservative figure but if the assets are revalued in the Balance Sheet then the value would be much more than this. In response, Mrs Patricia Lee said, “Ok! Let’s pay her entitlement in cash based on the RM20 million valuation.” John responded, “I will try but that is provided she does not discover the hidden value.” Immediately, Mrs Patricia Lee said, “Just do whatever it takes to distract her from these hidden figures.”
To be continued…
