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Sons of late President Ong Teng Cheong sue each other over family business


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Supersonic

This is a piece of unpleasant news from Zhaobao. It is quite a surprise that it is happening to this former first family. Why do they have to resort to legal actions - sue and counter sue? It is rather sad that such prominent people have to pursue they "rights" this way. It all boils down to S11 -$

news   Singapore

The two sons of the late President Wang Dingchang face a lawsuit over a dispute over shares in a family architectural design company

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https://www-zaobao-com-sg.translate.goog/news/singapore/story20210701-1163070?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB&_x_tr_pto=ajax,nv,elem

 

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41 minutes ago, Colin03 said:

Is all about $

$ will never be enough for most of them

 

That’s is right

simi brother, simi race, simi religion, simi Color 

lang sai lah

it is all about money

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Turbocharged
6 minutes ago, Lala81 said:

This is a problem with family owned businesses when passing to the next generation.

 

Best is to follow like what some westerners do, liquidate the entire company and give sufficient to the children, donate away the rest for charity.

Everyone in the next generation should earn their spurs. Have some head-start (rich parents) is already a boost.

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7 minutes ago, Lala81 said:

This is a problem with family owned businesses when passing to the next generation.

 

Depending on what kind of businesses also .... :wut:

My grandfather scrape metal collection business (garang guni) closed down due to no children want to take over ... :a-m1524:

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Supersonic
49 minutes ago, Sosaria said:

Best is to follow like what some westerners do, liquidate the entire company and give sufficient to the children, donate away the rest for charity.

Everyone in the next generation should earn their spurs. Have some head-start (rich parents) is already a boost.

The key word is Westerners though not all have this wisdom too. Bill Gates once said he will only leave US$10 millions to each of his kid to help them start off in life. The rest he's donating to charity iirc. 

Here, it's still very much an Asian tradition to pass from grandparents to fathers to sons etc. 

And best if male heirs though if no sons, daughters or son-in-laws oso can. 

Guess its really a test of family bonding and how strong the love amongst different ones in the family. Fathers can sue sons, mothers can sue daughters etc etc. 

Hard to see hearts of people. Perhaps one day soon if not already happening, we will see that money can buy anything, including love. Haha...

In this case, isn't all the money from the dad? 

Anyways, we only know what's reported. 

Sad. 

Stay safe 

Cheers 

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1 hour ago, Picnic06-Biante15 said:

Depending on what kind of businesses also .... :wut:

My grandfather scrape metal collection business (garang guni) closed down due to no children want to take over ... :a-m1524:

My father repair tv one. Also cannot pass down to me. Nowadays no one repairs it TV anymore. Spoil just buy new one.

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13 minutes ago, kobayashiGT said:

My father repair tv one. Also cannot pass down to me. Nowadays no one repairs it TV anymore. Spoil just buy new one.

It's a blessing...😁

Or you helped your father by making the TV beyond repair...that he decided not to ask you to inherent his trade? 

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22 minutes ago, mersaylee said:

It's a blessing...😁

Or you helped your father by making the TV beyond repair...that he decided not to ask you to inherent his trade? 

hahaha. Not me lah. I used to be his QC worker thou. everytime he repaired a TV, I will watch my cartoon and make sure the color and everything is okay.

 

I spotted a few times, the screen flickered, then he need to dismantle and check again.hahaha

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3 hours ago, Sosaria said:

Best is to follow like what some westerners do, liquidate the entire company and give sufficient to the children, donate away the rest for charity.

Everyone in the next generation should earn their spurs. Have some head-start (rich parents) is already a boost.

AMDK uses family office to hold family assets.

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3 hours ago, Picnic06-Biante15 said:

Depending on what kind of businesses also .... :wut:

My grandfather scrape metal collection business (garang guni) closed down due to no children want to take over ... :a-m1524:

Did you there are quite a few multi millionaire started as scrap collector.

Dempsey got one famous family  started from hardware collector.

 

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