Peter Lim wins S$210,000 in damages in RTC defamation su

[Ithunk]

SINGAPORE - The Court of Appeal on Wednesday ordered the owners of Raffles Town Club (RTC) to pay private investor Peter Lim $210,000 in damages.

 

Mr Lim had won a defamation suit against RTC owners Lin Jian Wei and Margaret Tung in October last year.

 

The amount is the highest awarded to a non-political figure in Singapore and is three times the $70,000 damages Mr Lin and Ms Tung argued should be paid.

 

The previous record was $150,000 awarded to lawyer Arul Chandran in a libel case.

 

In his judgment, Chief Justice Chan Sek Keong disagreed with Mr Lin and Ms Tung that the defamation - stemming from the RTC fiasco - was not serious.

 

"Not only did the respondents deliberately and knowingly use the court process to defame the appellant, in the process misleading the court in order to protect their own investment in the company, they also pleaded the defence of justification unjustifiably and refused to tender any apology or make amends," he wrote.

 

He noted that Mr Lim is a prominent businessman and investor who built up a formidable reputation in the stock broking industry as the "Remisier King", and was frequently cited as one of the richest men in Singapore and Asia.

 

The defamatory remarks "attacked his professional reputation and standing (and) called into question his competence, integrity and business acumen", the Chief Justice added.

 

A very pleased Mr Lim said he was matching the damages dollar-for-dollar and donating the total of $420,000 to the Straits Times School Pocket Money Fund.

 

source

http://www.channelnewsasia.com/stories/sin...1072047/1/.html

[Ithunk]

and mr peter lim is donating all of it and more totalling 420k to a straits times pocket money fund.....

Edited August 9, 2010 by Ithunk

[Rtth84]

A very pleased Mr Lim said he was matching the damages dollar-for-dollar and donating the total of $420,000 to the Straits Times School Pocket Money Fund.

 

very good! can deduct his taxes too!

[Wind30]

and mr peter lim is donating all of it and more totalling 420k to a straits times pocket money fund.....

 

so the ST pocket money fund got 420k. I wonder how much the lawyers get.... :)

[Ithunk]

very good! can deduct his taxes too!

 

so he pay this amount no need to pay tax liao? what i guess is that he has overseas bank accounts

[Mockngbrd]

i don;t think taxes bother ppl like him

[Zangetsu77]

so he pay this amount no need to pay tax liao? what i guess is that he has overseas bank accounts

 

Sometimes Ah Kong sticking a knife behind their backs la, so LL have to donate to charity.

 

On a separate note it's quite common for the rich people around his generation to have BVI vehicles to receive tax free dividends. Nowadays i think stricter legislation on setting up such BVIs, but there are several off-shore tax havens around still.

Edited August 9, 2010 by Zangetsu77

[Throttle2]

Sometimes Ah Kong sticking a knife behind their backs la, so LL have to donate to charity.

 

On a separate note it's quite common for the rich people around his generation to have BVI vehicles to receive tax free dividends. Nowadays i think stricter legislation on setting up such BVIs, but there are several off-shore tax havens around still.

 

 

nope it is hardly considered strict.

and BVI is the easiest compared to the lot.

[Happily1986]

SINGAPORE - The Court of Appeal on Wednesday ordered the owners of Raffles Town Club (RTC) to pay private investor Peter Lim $210,000 in damages.

 

Mr Lim had won a defamation suit against RTC owners Lin Jian Wei and Margaret Tung in October last year.

 

The amount is the highest awarded to a non-political figure in Singapore and is three times the $70,000 damages Mr Lin and Ms Tung argued should be paid.

 

The previous record was $150,000 awarded to lawyer Arul Chandran in a libel case.

 

In his judgment, Chief Justice Chan Sek Keong disagreed with Mr Lin and Ms Tung that the defamation - stemming from the RTC fiasco - was not serious.

 

"Not only did the respondents deliberately and knowingly use the court process to defame the appellant, in the process misleading the court in order to protect their own investment in the company, they also pleaded the defence of justification unjustifiably and refused to tender any apology or make amends," he wrote.

 

He noted that Mr Lim is a prominent businessman and investor who built up a formidable reputation in the stock broking industry as the "Remisier King", and was frequently cited as one of the richest men in Singapore and Asia.

 

The defamatory remarks "attacked his professional reputation and standing (and) called into question his competence, integrity and business acumen", the Chief Justice added.

 

A very pleased Mr Lim said he was matching the damages dollar-for-dollar and donating the total of $420,000 to the Straits Times School Pocket Money Fund.

 

source

http://www.channelnewsasia.com/stories/sin...1072047/1/.html

 

Used to work in RTC. I would just say that the two got what they deserved.

[Zangetsu77]

nope it is hardly considered strict.

and BVI is the easiest compared to the lot.

 

Met this chap who was marketing Seychelles as a tax haven, he said BVI harder to do now (w/o really explaining why). Told him i still use a piggy bank to store my coins, after that he lost interest

[Ithunk]

Met this chap who was marketing Seychelles as a tax haven, he said BVI harder to do now (w/o really explaining why). Told him i still use a piggy bank to store my coins, after that he lost interest

 

well in singapore businesses have to be registered with ACRA....so the government can see the turnover and profit....

 

unless a person does his business overseas....

[Yoongf]

Are damages awarded in a suit taxable??

[Zangetsu77]

well in singapore businesses have to be registered with ACRA....so the government can see the turnover and profit....

 

unless a person does his business overseas....

 

Ah, but you can use a BVI to own a local company. Then any dividends issued by the local company then becomes tax exempt, because it's recognized in British Virgin Islands (if i'm not mistaken), and as well as when you list the local company.

 

This is how it works - you own the controlling stake under a BVI, when the Pte Ltd is divested into the listco at listing, you recognize a consideration paid into the BVI, your IPO proceeds goes into the BVI (as per prospectus declaration), and additionally the listco may still owe the BVI money. This is not conjecturing, have seen it first hand though i'm not a beneficiary to the arrangement, sadly...

[Zangetsu77]

Are damages awarded in a suit taxable??

 

Don't think so. No capital gains tax in Singapore. Even selling companies not taxable (except for stamp duties). You could sell a S$5 company for S$500K if you can find a sucker.

[The_Bear]

Ah, but you can use a BVI to own a local company. Then any dividends issued by the local company then becomes tax exempt, because it's recognized in British Virgin Islands (if i'm not mistaken), and as well as when you list the local company.

 

This is how it works - you own the controlling stake under a BVI, when the Pte Ltd is divested into the listco at listing, you recognize a consideration paid into the BVI, your IPO proceeds goes into the BVI (as per prospectus declaration), and additionally the listco may still owe the BVI money. This is not conjecturing, have seen it first hand though i'm not a beneficiary to the arrangement, sadly...

 

BVIs are notoriously expensive to set up if iirc...

[CH_CO]

Don't think so. No capital gains tax in Singapore. Even selling companies not taxable (except for stamp duties). You could sell a S$5 company for S$500K if you can find a sucker.

 

Oh you can find plenty of people doing that making use of their wife to set up companies and transferring all the assets over and bankrupting the other.

 

 

Capital gains aren't taxable , dividends yes BVI is good provided that you don't bring the money back , many used to abuse BVIs but nowadays , taxman smarter also.

Edited August 9, 2010 by CH_CO

[Ithunk]

Ah, but you can use a BVI to own a local company. Then any dividends issued by the local company then becomes tax exempt, because it's recognized in British Virgin Islands (if i'm not mistaken), and as well as when you list the local company.

 

This is how it works - you own the controlling stake under a BVI, when the Pte Ltd is divested into the listco at listing, you recognize a consideration paid into the BVI, your IPO proceeds goes into the BVI (as per prospectus declaration), and additionally the listco may still owe the BVI money. This is not conjecturing, have seen it first hand though i'm not a beneficiary to the arrangement, sadly...

 

IPOs will make business owners multi millionaires....but sometimes its better to be a private company....so no one tell u how to run the biz...but of course to list on the SGX or Catalist ...there is a certain requirement of annual turnover and annual profit.....

[Ithunk]

Ah, but you can use a BVI to own a local company. Then any dividends issued by the local company then becomes tax exempt, because it's recognized in British Virgin Islands (if i'm not mistaken), and as well as when you list the local company.

 

This is how it works - you own the controlling stake under a BVI, when the Pte Ltd is divested into the listco at listing, you recognize a consideration paid into the BVI, your IPO proceeds goes into the BVI (as per prospectus declaration), and additionally the listco may still owe the BVI money. This is not conjecturing, have seen it first hand though i'm not a beneficiary to the arrangement, sadly...

 

actually to me....to put it simply the BVI (British Virgin Islands) is somewhat of an offshore account...and maybe another location to do business...