>> ASIAONE / BUSINESS / NEWS / STORY
Sun, Oct 18, 2009
AsiaOne
Unusual will of Eu patriarch needed interpretation by high court

Chinese daily Lianhe Zaobao reported that the son of Eu Tong Sen, Alexander Eu, has left behind a will which stipulates a number of 'special' conditions for his descendants.

One of the more unusual clauses state that his children can only inherit his fortune one year after their mother's death.

Related link:
» Eu family's century-old legacy

In the will, Alexander Eu allotted specific sums for each of his children and grandchildren. Of the remaining assets, eldest son Sandy Eu is entitled to half, while his three brothers are to share the other 50 per cent.

Unfortunately, Sandy Eu died in a car accident in 2004, making the interpretation of the will tricky for his descendents.

The car Sandy Eu was in crashed into the back of a lorry on the North-South Highway in 2004. His father, Alexander Eu died on Jan 28, 2006 at the age of 80.

According to the executor of the will, HSBC Trustee (Singapore) Limited, Sandy Eu's share of the inheritance would be passed down and split between his two sons in most circumstances.

However, one of the clauses in the will stipulated that if any of the elder Eu's children were to die before him, his or her share should be considered part of the "residue", which could mean it was to be shared among the surviving siblings.

To clarify the meaning of the will, HSBC Trustee sent the document to the high court for interpretation. High court judge Belinda Ang decided that the assets originally bequeathed to Sandy Eu would be shared among his younger brothers.

In bringing this matter to court, the trustee pointed out that it was not their intention to challenge the will, but merely to seek the High Court's interpretation. Part of the reason being that clause 13 of the Will states that if any beneficiary should challenge the Will, the challenger's share would be forfeited, and donated to charity.

Sandy Eu and his sons Elliot (left) and Alexander. Veteran banker Sandy Eu, 53, grandson of the late philanthropist Eu Tong Sen.

A Singapore permanent resident, Hong Kong-born Sandy Eu was a banker. In his will, his father said that he believed he was able assist his brothers and sisters and nephews and nieces in the event of any family difficulties: hence bequeathing the majority share of the family fortune to him.

'Special' terms of the will

In his will, Alexander Eu also left $250,000 to his daughter Babara Eu. Another $100,000 was left to her when she married with the consent of the trustee and her brother Sandy Eu.

The will also stated that the sum would be given only if the marriage was for her happiness, and not for inheriting the bequest. She could also inherit the $100,00 if she submitted a written undertaking to remain single.

He left the sums of $1 million to each of his sons, Rodger, Michael and Barry Eu, as well as to grandsons Alexander III and Elliot - the sons of Sandy Eu.

His other grandchildren, Theodore Eu, Kelly Eu and Katrina Eu are to receive $500,000 each.

His children are to receive their inheritance one year after the date of the death of his ex-wife Miranda Sung, while grandchildren have to wait until they come of age at 21.

 

 
STORY INDEX
 
  JAL's reconstruction faces many hurdles
   
 
  Unusual will of Eu patriarch needed interpretation by high court
   
 
  'Brilliant' Chinese women lead the business world
   
 
  China to launch second board on Oct 23
   
 
  U.S. bank failure tally hits 99 for 2009
   
 
  Madoff beach house sale completed for US$9.41m
   
 
  FY10 budget requests top record 95 trillion yen
   
 
  U.S. charges billionaire Rajaratnam with record insider trading
   
 
  Scandal hits corporate role models IBM, McKinsey
   
 
  Almost half of US woman are primary breadwinners: poll
   
>> RELATED STORY
The Eu family's century-old legacy
We welcome contributions, comments and tips.
a1admin@sph.com.sg