Rockwills
By Peter Lee
Since Connie (Lee Sr’s second wife and Co-Administrator) agreed to sell her, as well as her children’s, entitlement in her husband’s three family companies to her husband’s first family, both she and John (Lee Sr’s eldest son and Co-Administrator) meet up at Dave’s (lawyer) and the Company Secretary’s office to collect the documents, such as the Sale and Purchase Agreement, Share Transfer Forms and Companies resolutions, for both sides of the families to sign. After one week, both John and Connie meet up again in Dave’s office. Before Connie returned the Share Transfer Forms and Sale & Purchase Agreement, she said, “Dave, I have signed all these documents for the transfer of shares. So are you ready with your cheques of $250,000 for myself and $111,111 for each of my three children, from our entitlement to my husband’s portion of his joint bank account with his first wife, Mrs Patricia Lee in ZNA Bank, Singapore. I believe this was the deal in exchange for the signed documents to be returned to you today.”
In response, Dave said, “Yes, the release of payment for you and your children is ready. Since your children are minors, the cheques for them are written in favour of your name.” Connie replied, “That’s not a problem.” She then turned to John and asked, “Have all the board of directors in three of these companies signed the resolutions consenting to this purchase of shares from me?” John responded with a “Yes” and showed Connie the proof. He further said to Connie, “My family has authorised me to sign on the Sale and Purchase Agreement. As for the Share Transfer Forms, the Administrators of the estate would have to sign on the Transferor’s part. In other words, you have to sign together with me and my sister, Michelle, on the transferor’s part as the Administrators so that the shares can be transferred to my family’s side.”
After Connie signed, John said, “I will sign these documents today and hand it to Dave for safekeeping. I have also asked Michelle to come later in the day to sign the Share Transfer Forms. As you know, we can only have all these shares transferred once the Letter Of Administration (L.A.) is obtained.” Connie then asked Dave, “Can we expedite this matter?” In response, Dave said, “I will do my best.” John looked at Connie and asked, “Do you still remember that while we were negotiating for the release of money from the ZNA Bank account in Singapore and our family’s consensus in purchasing your family’s shares, we also discussed about the three properties which are jointly owned by my father and mother?” “Yes” was Connie’s response. John continued and said, “Okay, can you renounce your entitlement to father’s share and release these properties back to my mother?” Connie then replied, “I remember we talked about it and that’s when your sister Michelle assaulted me. What I don’t remember saying is renouncing my rights to your father’s entitlement.” With some embarrassment, John said, “Connie, I think we better discuss this in a separate location as I don’t want to take up Dave’s time.” In reply, Connie said, “That’s fine by me. So, where is the venue and time?” “Let’s decide on our way out,” John replied.
To be continued…
