Hsien Yang’s in-laws buy F&N-developed condo

Fraser and Neave (F&N) has sold a unit of its Soleil @ Sinaran residential development for $2.66 million to the relatives of its chairman Lee Hsien Yang (picture).

Mrs Lim Chong Yah, who is Mr Lee’s mother-in-law, and Ms Lin Xueling, his sister-in-law, bought the unit, located in the Novena area, during the public launch of the project, F&N said in a filing with the Singapore Exchange. The project is developed by Riverside Investments, a wholly-owned subsidiary of F&N’s property arm Frasers Centrepoint. F&N said no discount was given to Mrs Lim and Ms Lin, who were “walk-in customers”.

“The Audit Committee is satisfied that the number and terms of the sale are fair and reasonable, and the Audit Committee and Board are satisfied that the terms of the sale are not prejudicial to the interests of the company and its minority shareholders,” said F&N in the statement.

Mr Lee joined the company as its non-executive chairman last October, replacing Dr Michael Fam. Its announcement that Mr Lee stood to earn an annual fee of $1 million a year as part of a consultancy agreement raised eyebrows at the time. But F&N has since said the consultancy agreement will be dissolved at the end of this month “with a view to simplifying matters”. The $1 million will be paid as director’s fees, subject to a shareholder vote. — Cheow Xin Yi

Source : Weekend Today -26 Jan 2008

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