Sunday, May 2, 2010

Millionaire Yeo Chong Lin ordered to pay $41m to ex-wife

Millionaire ordered to pay RM95m to ex-wife
Compiled by LEE YUK PENG and A.RAMAN

A SELF-MADE millionare, reportedly worth an estimated S$115mil (RM267mil), was ordered by the Singaporean High Court to pay his former wife S$41mil (RM95.2mil) in maintenance and matrimonial assets, China Press reported yesterday.

The former wife, Nancy Tay, 72, initiated the divorce proceedings in 2005 on grounds of adultery.

Yeo Chong Lin, 74, chairman of the republic’s Swissco International Ltd, and Tay were married for 49 years and have four children.

The daily, quoting the judge, said Yeo was ordered to pay her 35% of his matrimonial assets.

Yeo claimed to have only S$52mil (RM120.8mil) in matrimonial assets but the judge was reportedly of the view that he had not declared his assets in full, the daily said.

What was excluded from the estimated sum of S$115mil (RM267mil) were two pieces of property and seven luxury cars totalling S$4.72mil (RM10.9mil) which Yeo bought after the divorce, the daily reported.

The judge said Yeo was responsible in providing for the family, adding that Tay had contributed to the family to the best of her ability,

The early years of marriage were tough for the couple as they had been poor, the daily reported.

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