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Lee Kuan Yew “independently drafted and executed” codicil referencing his final will, says Dr Lee Wei Ling

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The late Lee Kuan Yew had “independently drafted and executed” a codicil referencing his final will as evidenced in an entire correspondence relating to the signing of his final will, said his daughter Dr Lee Wei Ling on Mon (2 Mar).

According to Dr Lee, Mr LKY had by his own volition and in his own awareness drafted and carried out an amendment which referenced the final will after signing it in 2013.

He had then forwarded — through his personal assistant — “the entire correspondence relating to his signing of his final will” with a new heading titled “Last Will & Testament & Codicil” to lawyer Kwa Kim Li, his three children including herself and his daughters-in-law.

Referencing an email Mr LKY had written, in which he said that only a copy of the final will was going to be sent to Ms Kwa for her record, Dr Lee said: “This was the one and only occasion when my father wrote to Kwa Kim Li, his children and their spouses on his will in this manner. He included the entire correspondence leading up to the signing of the will.”

“Through all this and the new heading, he signalled finality on the matter of his will. To think otherwise is daft,” she said.

Just last week on Fri (28 Feb), Dr Lee wrote in a Facebook post that Mr LKY knew what he was signing and that he was the one who dictated the timing of the signing process of his final will.

Commenting on the findings of the Disciplinary Tribunal which had found Lee Suet Fern — lawyer and the wife of her brother Lee Hsien Yang — guilty of professional misconduct in handling the late Mr Lee’s will, Dr Lee said that contrary to the DT’s report, Mr Lee has “always been the man in charge, including for his final Will and Codicil”.

The DT in its report said that Mrs Lee had failed to inform Mr LKY that the draft last will included a demolition clause not present in the sixth will.

The demolition clause — which concerned the demolition of his family home at 38 Oxley Road — were present in Mr LKY’s first four wills. It was later removed from his fifth and sixth wills.

Mr LKY — who the tribunal said was 90 at the time, very frail and in poor health — had signed the last will out of trust in Mrs Lee’s words, namely that the content of the last will’s draft was the same as his first will in 2011.

Dr Lee in her Facebook post last Fri highlighted how her father, contrary to the DT’s findings, had read and initialled each page, including below the demolition clause on both copies of the will and another time two weeks later.

This, according to Dr Lee, was contrary to her brother Prime Minister Lee Hsien Loong’s oath — made in a statutory declaration — stating that “There is no evidence Mr LKY even knew the demolition clause was re-inserted in the last will.”

She said that there was instead “incontrovertible evidence” that Mr LKY “knew what he was signing”.

“Hsien Loong and his AG [Attorney General] have suggested the process was rushed by my brother and/or his wife. But it was my father who dictated the timing,” wrote Dr Lee.

Quoting her late father, who had instructed Mr LHY not to wait for Ms Kwa and to instead have Mr LKY proceed with the execution of the will whether with a solicitor from Mrs Lee’s office or “any other office”, Dr Lee claimed that her father himself had told her that he wanted to revert to his 2011 will and was merely seeking a witness.

“He wanted very prompt follow up and was indifferent where the lawyer came from,” wrote Dr Lee.

Mrs Lee did not confirm with Mr Lee Kuan Yew if he wanted certain changes to be made, did not brief him thoroughly on provisions of the draft last will: Disciplinary Tribunal report on finding Mrs Lee guilty of professional misconduct in handling Mr LKY’s will

Mrs Lee’s case began when the Attorney-General’s Chambers (AGC) referred her to the Law Society for a possible professional misconduct case.

The AGC stated that Mrs Lee had prepared the last will of Mr LKY and had arranged for Mr LHY to execute it despite her husband being one beneficiaries. The last will resulted in Mr LHY’s share in the late Mr Lee’s estate being increased.

AGC’s complaint followed the debate held in Parliament in 2017 in which Prime Minister Lee Hsien Loong — the brother of Mr LHY and Dr Lee Wei Ling, also one of the executors of the will — denied allegations put forth by his siblings in a public statement.

The will that took effect in 2015 was not contested by PM Lee.

The AGC said it had written to Mrs Lee several times to seek her explanation on her involvement in preparing the last will, but Mrs Lee did not answer its questions.

The tribunal, among its other findings, said that Mrs Lee did not seek to confirm if Mr Lee Kuan Yew wanted certain other changes to be made — by carefully going through the provisions in the draft of the last will — in the first place.

Mrs Lee, said the tribunal, “gave the briefest of advice to Mr Lee, and did not alert Mr Lee to all the differences between what Mr Lee had earlier wanted and what the last will actually provided for”.

Additionally, the tribunal noted that Mrs Lee did not advise Mr LKY to seek independent legal advice pertaining to the matter, especially given her own possible conflict of interest as Mr LHY’s wife and the absence of Ms Kwa.

Mrs Lee’s conduct, according to the tribunal, was in violation of a solicitor’s duties, particularly considering that Mr LHY was going to partially benefit from the will.

The final will, said the tribunal, increased Mr LHY’s share in Mr LKY’s estate.

Equal division of founding PM Lee Kuan Yew’s estate “not a new idea”: Mrs Lee Suet Fern’s lawyers

Mrs Lee’s lawyers in their defence submissions previously highlighted that the late Mr LKY had already indicated his desire to divide the shares equally in his original 2011 will, and had discussed making changes to his will with his lawyer Ms Kwa Kim Li from “at least November 2013”.

The lawyers highlighted that Mr LKY’s decision to revert to equally dividing the shares was made long before Mrs Lee was involved in the preparation of the will, and it was Ms Kwa who had advised him on the terms of his will.

“Mrs Lee merely forwarded what she thought was the original 2011 Will to Mr LKY, and copied it to Ms Kwa to be engrossed,” they said.

Noting that Mr LKY was a “sophisticated and shrewd individual with a starred double first in law from Cambridge University and experience of running a country for well over half a century”, the lawyers argued that Mr LKY “knew exactly what he wanted” and “was accustomed to having his instructions carried out without delay”.

Ms Kwa had, according to Mrs Lee’s lawyers, promised in a previous email that she would have prepared something for Mr Lee by the end of the week on 15 Dec. However, she had not done so.

It was thus evident, according to the lawyers, that Mr LKY himself could not wait for Ms Kwa any longer, as seen in Mr LKY’s instruction to Mr LHY — sent via email — to not wait for Ms Kwa and instead to have him sign the will, whether in Mrs Lee’s office or “from any other office”.

Further, the above also illustrated that Mr LKY was happy to execute the will before any solicitor, according to the defence.

Additionally, the question of conflict of interest — particularly regarding the Law Society’s suggestion that Mrs Lee had a role in helping increased Mr LHY’s share in the late Mr Lee’s estate — did not make sense, as the equal division of shares stated in the last will meant that Mr LHY’s share was in fact reduced.

Mr LHY in a Facebook post on 23 Feb shared Mrs Lee’s comments regarding the tribunal’s report.

“I disagree with the Disciplinary Tribunal’s report and will fight this strongly when it is heard in open court,” said Mrs Lee.

“Any member of the public can obtain the entire record of the closed-door proceedings of the Tribunal from the Law Society. I urge the public to look at these and come to their own independent conclusions,” she added.

Mrs Lee’s case will now be referred to the Court of Three Judges, which is Singapore’s apex disciplinary body in dealing with lawyers’ misconduct.

The lawyer may face a fine, or be suspended or disbarred from her profession.

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Civil Society

Three women to contest charges over pro-Palestinian procession outside Istana

Three Singaporean women, charged under the Public Order Act for organizing a pro-Palestinian procession on 2 February, will contest their charges at trial, a court heard on 18 September. About 70 people participated in the February event, carrying watermelon-adorned umbrellas as a symbol of Palestinian resistance while delivering letters to then-Prime Minister Lee Hsien Loong.

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19 hours ago

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18 September 2024

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SINGAPORE: Three Singaporean women charged in connection with a pro-Palestinian procession to the Istana will contest their charges at trial, a court heard on Wednesday (18 September).

The defendants are Annamalai Kokila Parvathi, 35, an activist with the Transformative Justice Collective (TJC); Siti Amirah Mohamed Asrori, 29, a social media influencer; and Mossamad Sobikun Nahar, 25, a community worker.

They were charged in June under the Public Order Act for organizing an unpermitted procession on 2 February.

During the court hearing on Wednesday, the trio, through their lawyer, indicated their intention to contest the charges and claim trial.

Siti Amirah and Mossamad are accused of organizing the procession that occurred between 2pm and 3pm along the perimeter of the Istana, a restricted area.

Kokila is charged with abetting the conspiracy by collaborating with Siti, Mossamad, Alysha Mohamed Rahmat Shah, Anystasha Mohamed Rahmat Shah, and other unnamed individuals to organize the event.

According to a previous police statement, around 70 people gathered outside a mall on Orchard Road at about 2pm on 2 February before marching towards the Istana.

They carried umbrellas painted with watermelon images, symbolizing support for Palestinians amidst the ongoing Israel- Palestinian conflict.

The watermelon, reflecting the colors of the Palestinian flag, has become a symbol of solidarity.

Social media posts indicate that participants of the Letters for Palestine event walked from Plaza Singapura to the Istana to deliver letters addressed to then-Prime Minister Lee Hsien Loong.

The cases have been adjourned to October for pre-trial conferences.

If convicted under the Public Order Act, the women face a potential penalty of up to six months’ imprisonment, a fine of up to S$10,000, or both.

The police have reiterated their call for the public to avoid actions that could disrupt peace, public order, and social harmony in Singapore.

They advised that while strong feelings about the Israel-Hamas conflict are understandable, lawful means of expression, such as participating in organized forums, dialogues, and donation drives, are preferable to illegal protests.

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Court Cases

New Silkroutes Group ex-director jailed for market rigging; Prosecutors label Goh Jin Hian as ‘mastermind’

Teo Thiam Chuan William, former finance director of New Silkroutes Group (NSG), was sentenced to 12 weeks in jail on 16 September for his involvement in a market rigging scheme. The prosecution labeled co-accused Goh Jin Hian, former CEO and son of ex-Prime Minister Goh Chok Tong, as the “mastermind” behind the conspiracy to inflate NSG’s share price from S$0.285 to S$0.50 in 2018.

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2 days ago

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17 September 2024

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SINGAPORE: Teo Thiam Chuan William, the former finance director at New Silkroutes Group (NSG), has been sentenced to 12 weeks in jail on Monday (16 September) in court for his role in a market rigging scheme.

This sentencing marks the first revelation of case details as Teo is the first among four co-accused to plead guilty.

During sentencing argument, the prosecution has labeled former CEO Goh Jin Hian as the “mastermind” behind the scheme.

Teo, 55, pleaded guilty to six charges under the Securities and Futures Act for abetment by conspiracy over false trading and market rigging transactions.

Goh, the son of former Prime Minister Goh Chok Tong, is alleged to have led a conspiracy to inflate NSG’s share price from S$0.285 to S$0.50 in 2018.

NSG, an investment holding company listed on the Singapore Stock Exchange (SGX) since 2002, operates subsidiaries in oil trading, information technology, and healthcare.

As the finance director, Teo was responsible for managing the company’s accounts, overseeing funding, mergers, and acquisitions. He also controlled NSG’s corporate securities trading accounts and was authorized to conduct share buybacks.

The co-accused in the case include Oo Cheong Kwan Kelvyn, 53, who was the executive director and chief operating officer of NSG, and Huang Yiwen, 40, the sole director of the commercial market maker GTC Group.

Originally, NSG focused on oil trading, electronics, and IT product distribution.

In December 2016, the company expanded into healthcare by acquiring clinics and medical supply companies. These acquisitions were primarily financed through the issuance of NSG shares.

However, in 2017, NSG’s efforts to acquire additional companies and raise capital through private placements were hampered by a decline in its share price.

From January to May 2017, NSG’s share price fluctuated between S$0.70 and S$0.90. However, it dropped to approximately S$0.40 to S$0.50 in June and fell further to a low of S$0.285 in November.

On 29 November 2017, NSG applied to halt trading of its shares, which led to a trading suspension a few days later. During the suspension, which lasted until 25 February 2018, NSG entered into several corporate transactions involving potential new share issuances.

On 21 February 2018, NSG proposed a placement of over 11 million new shares at S$0.44 per share to an external investor, Dr Andrew Chua Soon Kian, aiming to raise S$5 million. This placement was completed in March 2018.

Additionally, in February 2018, NSG announced a memorandum of understanding with Mr Shen Yuyun to acquire two medical supply companies in Shanghai, planning to issue new shares at S$0.50 each for the S$65 million acquisition.

The same month, NSG also disclosed a memorandum of understanding with Haitong International Securities, where Haitong would subscribe to a S$5 million convertible bond issued by NSG. The bond, maturing in two years, would offer an annual interest rate of 5 percent.

Prosecution Alleges Complex Scheme to Manipulate NSG Share Prices Using Multiple Accounts

While trading was suspended, Teo and his three co-accused allegedly engaged in a scheme to artificially inflate the price of NSG securities, according to the prosecution.

The scheme, as outlined by the prosecution, employed three primary methods: using GTC’s trading account to place and execute orders for NSG securities, utilizing NSG’s share buyback accounts for similar trades, and leveraging Goh Jin Hian’s personal trading account for additional transactions.

As a commercial market maker registered with SGX, GTC was prohibited from manipulating share prices. Market makers are typically required to enhance trading liquidity by providing competitive bid-ask quotes continuously within an agreed-upon spread.

Despite this, Teo, Goh, and Oo are alleged to have hired GTC to artificially boost and maintain NSG’s share price, masquerading as legitimate market-making activities. This manipulation aimed to enhance investor confidence and facilitate the completion of announced corporate transactions, as well as support future share placements.

On 4 February 2018, Goh reportedly instructed Teo to find a market maker to support NSG’s share price. Subsequently, NSG engaged GTC between 21 and 28 February 2018.

Goh, Teo, and Oo allegedly set a target price of S$0.50 for GTC to achieve.

Over the course of six months, starting from late February 2018, the four men are said to have conducted the market-rigging scheme.

Goh and Co-Accused Allegedly Discussed Timing and Pricing for NSG Trades

They communicated via text messages and emails to coordinate their actions, including timing and pricing for NSG securities trades. For instance, Goh allegedly urged Teo to place bids at specific times and requested that GTC be reminded of their target price of S$0.50 in an email.

In a group chat, Goh is said to have suggested delaying GTC’s payment until the share price reached S$0.40 by May.

The trading suspension on NSG shares was lifted after the market closed on 25 Feb 2018. The following morning, Teo and his co-accused allegedly strategized to boost the opening share price of NSG to reach their target.

According to the prosecution, Huang used GTC’s trading account to place buy orders during the pre-market routine before trading officially began at 9 am.

On 26 Feb 2018, NSG shares opened at S$0.390, representing a 36.84 percent increase from the last traded price of S$0.285.

Teo and Huang continued to place orders and execute trades in early March 2018 to further artificially inflate the share price.

The prosecution sought a 12-week jail sentence for Teo, describing the scheme as “sophisticated, well-coordinated, and effective” in manipulating the price of NSG shares to facilitate corporate transactions. They emphasized that Teo played a “critical role” as finance director in the scheme.

The prosecution noted that the scale of the market rigging was significant, causing “great distortion” in the market for NSG securities.

Pre-Trial Conferences for Goh, Huang, and Oo Set for 26 September

On the 31 days covered by Teo’s charges, the trades and orders executed by Teo, Huang, and Goh accounted for 28.78 percent of the total market volume of buy trades.

Additionally, they set the intraday high on 11 trading days and increased the closing price of NSG securities on 22 trading days.

The prosecution argued that the scheme was a “concerted and successful effort” to make NSG shares appear more attractive than they would have under normal market conditions.

It was intended as a “quick and convenient way” to support NSG’s expansion and raise capital through new share issuances. The use of GTC was described as creating “a veneer of legitimacy” for their manipulative trades.

Although Goh was identified as the mastermind, prosecutors highlighted Teo’s important role as the main liaison between NSG and Huang.

Teo is set to begin his jail term on Wednesday (18 Sept).

The cases for Goh, Huang, and Oo are currently at the pre-trial conference stage, with the next session scheduled for 26 September. Court records indicate that Huang intends to plead guilty.

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