SINGAPORE - A housewife who sued her two older brothers for depriving her of her rightful stake in their late parents' estate has lost her case in the High Court.
In a written judgment published yesterday, Justice Belinda Ang said she accepted the testimonies of Mr Lim Boh Chuan, 55, and Mr Lim Puay Koon, 54, directors of mainboard-listed hardware company HupSteel, as more credible than their sister's.
The High Court judge also found that Madam Lim Siew Bee, 52, had not come to court with "clean hands" as she had previously lied to the court that their mother had not left a will.
Madam Lim had accused her brothers of dishonesty and breach of trust in dealing with their parents' assets in a way that benefited themselves at her expense.
The siblings are the third generation of an extended family behind a business that started in 1941. Hup Seng Huat went public in 1994 and later changed its name to HupSteel.
In 1978, their father, Mr Lim Tian Siong set up Lim Tian Siong Enterprise (LTSE) as an investment vehicle to hold shares in companies including Hup Seng Huat. The patriarch died in 1983 without a will. His widow, Madam Goh Choon Eng, died in 1992.
Madam Lim claimed that the true value of her father's assets at the time of his death was $7.5 million and not $4.2 million as stated by Mr Lim Boh Chuan, who administered the estate with their mother.
She alleged that Mr Lim Boh Chuan had failed to disclose or had undervalued assets. These included three shares the brothers each held in LTSE, allotted at $1 per share in 1982 and 1983.