Lionel Tan Boon Leng v 1. ) VPC Global Sdn. Bhd. 2. ) Chew Yong Chin 3. ) Chew Yong Foo

ba-24ncc-10-01-2022 High Court (Mahkamah Tinggi) 17 March 2026 • BA-24NCC-10-01/2022 • 12 min read

5 cases cited (0 SG, 5 foreign)

Catchwords

1. Oppression proceedings against the Defendants pursuant to section 346 of the Companies Act 2016. 2. Buy-out order granted for the Defendants to purchase the Plaintiff’s shares at a fair value to be valued by an auditor or independent accountant. 3. The buy-out order does not contemplate for the valuation to be conducted by different valuers. Defendants had initially agreed to rely on a single valuer. The Defendants then sought to appoint a separate valuer. 4. Once parties have agreed to a mutually appointed valuer, parties are bound by such valuation. The mere fact that either party is unhappy with the methodology used by the valuer cannot be a reason to set aside the valuer’s determination. 5. Weaknesses in a valuation alone are not sufficient to oppose a valuation report. 6. Defendant’s valuation report is a backdoor attempt to circumvent the buy-out order.

Judges (1)

Seow Hock Peng Delivered

Counsel (6)

Jasbeer, Nur & Lee Firm Joel & Mei Firm Aradhna Kaur d/o Jasbeer Singh Counsel Defendant Bryan Teo Wee Xin Counsel Plaintiff Nakeeran Kumar s/o Kanthavel Counsel Defendant Zahratul Husna binti Khairul Anuar Counsel Defendant

Parties (4)

VPC Global Sdn Bhd Respondent Chew Yong Chin Respondent Chew Yong Foo Respondent Lionel Tan Boon Leng Applicant

Cases Cited (5)

UK (1)

[2011] EWCA Civ 826

MY (4)

[1975] 1 MLJ 134 [2011] 6 MLJ 585 [2021] MLJU 2959 [2022] 3 MLJ 77

Judgment

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Source: eJudgment (ba-24ncc-10-01-2022)