By Peter Lee
After hearing John’s (Lee Sr’s eldest son and Co-Administrator) proposal in a lunch meeting at Fine Dining Café, Connie (Lee Sr’s second wife and Co-Administrator) agreed to accept the cash proposal of RM5.4 million instead of accepting shares to her entitlement in the three family companies which John and his siblings are managing. However, her immediate demand is to get the entitlement of $250,000 for herself and $111,111 for each of her three children from the joint bank account between her husband, Lee Sr and his first wife, Mrs Patricia Lee in ZNA bank, Singapore. Since her immediate request is this, John then said, “Ok, please excuse me for a few minutes. I will be back soon.” Then he walked to another quiet corner of the café and phoned his mum, Mrs Patricia Lee. After hearing from John about Connie’s demands and her willingness to let go of the family shares, Mrs Patricia Lee also agreed to Connie’s request and asked John to take action. John quickly went back to the dining table and told Connie about his mum’s consent. With both parties agreeing to these two matters, John said, “Connie, the first thing I have to do is to ask my company secretary to prepare the share transfer forms for you to pre-sign first and at the same time ask our lawyer, Dave to prepare an agreement for this transfer so that both sides are protected before the Letter of Administration (L.A.) is obtained.” In response, Connie said, “Go ahead with this but have the payment in cheques ready for me and my children from the Singapore bank account when I sign these papers.” John then picked up his phone and called his company secretary and lawyer to prepare these documents. Both of them asked John to come to their office in two day’s time to sign the documents.
After the telephone conversation, John turned to Connie and said, “Okay, we need to go to the company secretary’s and lawyer’s offices day after tomorrow to settle this matter. Is it okay with you that we go to Dave’s office first at 10am and then proceed to our company secretary’s office?” In reply, Connie said, “I will be there.” John then said, “With this settled, I would like to check with you again on whether you could drop the idea of reporting to the police against my sister Michelle, for assaulting you the other day? After all we have come so far and now seeing some light at the end of the tunnel.” “I will decide after we settle this matter” was Connie’s response. Two days after their meeting, both of them met up in Dave’s office for Connie to sign the agreement for the sale of shares. At that meeting, Dave said, “Connie, normally, when you sell your shares the documents which you have to sign is the share transfer forms prepared by the company secretary. However, since the transfer cannot be done now as the L.A. has not been obtained, and you need the money from the Singapore bank account now, then both you and John’s family, who are the buyers, would have to sign a Sale & Purchase Agreement to safeguard each others’ interest pending the transfer.” Connie said, “Okay, show me the money first.”
To be continued…