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
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Source : The Sunday Times, Jan 27, 2008
Mr Lee's Mother-In-law and sister-in-law paid $2.66 million, the prevailing price, for a unit in the Soilel @ Sinaran in Novena.
Fraser & Neave (F&N) chairman Lee Hsien Yang's in-laws have bought a unit in one of the company's condominium projects.
Mrs Lim Chong Yah, who is Mr Lee's mother-in-law, and his sister-in-law, Ms Lin Xueling, paid $2.66 million for an apartment in the 99-year leasehold Soleil @ Sinaran in Novena.
The 417-unit twin block project is being developed by Riverside Investments, a wholly-owned subsidiary of F&N's property arm, Frasers Centrepoint.
In a filing with the Singapore Exchange on Friday, F&N said Mr Lee's relatives were walk-in customers during the public sale.
According to the statement, no discount was given and the price was based on the prevailing approved price list at the time of sale.
"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 the company.
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