Fan Kow Hin and partner were substantial shareholders in IHC, and at the traded share price of $0.31 per share in August 2015, their collective shareholdings in IHC were worth more than $166m. Mr Fan was also the chief executive officer (“CEO”) of IHC from 17 May 2015 to 31 January 2016.
Party B is Wei Yi Shi Ye, a China-incorporated medical centre owner, with which HMC has a management contract.
A Straits Times search on China’s company registration website found a firm called Shanghai Wei Yi Shi Ye. As of 2014, Chinese national Yang Zheng was its sole shareholder. Its sole executive director was Ms Jamie Fan Wei Zhi, the daughter of HMC co-founder and former executive chairman Fan Kow Hin.
Subsequently, the Company underwent a change of management. The new management considered that the acquisition of its own shares by the Company was in breach of section 76 and sought to avoid the transaction, including the standby credit facility. It brought an application to the High Court where it succeeded.
Kiam Lui Heng Lui 