Datuk Paul Yu Chee Hoe was one of the defendants in the suit.
KUALA LUMPUR: The family feud revolving around the transfer of shares in Hock Seng Lee Bhd’s (HSL) holding company has reached a conclusion, at least in court.
This followed the Court of Appeal’s order to set aside the High Court’s order for disclosure on the acquisition and disposal of shares in HSL and Hock Seng Lee Enterprise Sdn Bhd, which owns a controlling stake of 58.46% in HSL.
“The appeal (against the disclosure orders) was thereafter withdrawn and struck out accordingly,” the engineering and construction firm told Bursa Malaysia on Wednesday.
“Furthermore, the board of directors of Hock Seng Lee Bhd wishes to inform that, along with this announcement, the series of litigation matters involving Hock Seng Lee Bhd and the Yu/Yii family is concluded.”
To recap, shareholder Yii Chee Ming started legal proceedings in December last year to remove four directors from the board, including managing director Datuk Paul Yu Chee Hoe who is his brother.
The other directors named as defendants were executive director Tony Yu Yuong Wee (his nephew) as well as executive director Lau Kiing Kang and director Lau Kiing Yiing (brothers-in-law).
The suit was said to concern the issues of disclosure to the relevant authorities by the four regarding the acquisition and disposal of shares - by himself/their spouses or company connected to himself - in Hock Seng Lee Enterprise.
On June 29 this year the High Court in Kuching dismissed the prayer in the originating summons seeking the removal of the four directors.
However, the court ordered the four defendants to make disclosures concerning the acquisition and disposal of shares in HSL and Hock Seng Lee Enterprise.
This led the defendants to appeal the decision on the disclosure orders, and subsequently to the Court of Appeal’s decision on Wednesday to set aside the order.
Subscribe now and receive FREE sooka plan for 1 month.
T&C applies.
