Play IN HOMING HOLDINGS
Mr Ren held 35 per share of stock in Homing Holdings, Ms Lee held 30 per share, and Mr Chua had a 35 per cent interest, according to the plaintiffs.
Ms. Lee and Mr. Chua assert that Mr. Chua did not want to be involved in the business ‘ day-to-day operations and that he did not participate or own shares, but that Mr. Ren purportedly insisted that Mr. Chua be given a 35 % stake.
According to the defendants, Ms. Lee later held those shares, which she was even a director of the company companies.
The Straits Times reported earlier this week that Mr. Chua and Ms. Lee testified about a contract they signed in February 2018 that would transport Mr. Chua’s shares of Homing Holdings to Ms. Lee.
Ms. Lee allegedly testified that Mr. Chua had suggested this because he was starting his new career at Mediacorp and that he had not been a part of Homing Holdings ‘ management following the share exchange.
Mr. Ren contests the integrity of the share exchange.
Mr. Chua was summoned to the witness stand on Friday to explain the agreement for Mr. Liow Beng Hui, a supervisor in one of Homing Holdings ‘ companies, to see the drafting of the share exchange deal.
Mr. Chua claimed that Ms. Lee was in charge of scheduling Mr. Liow to observe the filing.
The claimants ‘ lawyer, Ms. Jasmin Kang, requested confirmation from Mr. Chua that the share exchange arrangement had never been entered into Homing Holdings ‘ company records.
Mr. Chua claimed that because he had never been a part of the company’s affairs, he was confused about this.
Mr. Liow finally took the stand and claimed that he had witnessed Mr. Chua and Ms. Lee signing the share move agreement at his housing block in February 2018.
He claimed that Ms. Lee called him a few days prior to the deal signing so that he could see if he would be present. On the day of the filing itself, she gave more in-depth explanations of the contract.
Mr. Liow also testified that he had worked closely with Mr. Chua and Ms. Lee on a number of initiatives there and that he had known them from the time when all three were coworkers.
Mr. Chua joined Mediacorp in 2018, but he recently worked for SPH, where he was the managing editor of its Chinese Media Group.
He is now Mediacorp’s head and chief editor of Chinese media and current affairs, as well as the organization’s Youth Editorial program.
Mediacorp is CNA’s family business, too.  ,
According to her LinkedIn profile, Ms. Lee is a media former who worked for SPH for 18 years before leaving in May 2017.
Mr. Liow claimed that Ms. Lee approached him about joining the Homing Holdings subsidiary and that her team collaborated strongly with her as director of the business’s day-to-day operations.
On Mr Chua’s role in the company, Mr Liow said:” I don’t think he’s involved, I often see him”.
A Goldciti director also gave testimony regarding the work Goldciti did after Homing Holdings reportedly hired it to provide guidance on reform choices.
Homing Holdings reportedly agreed to pay Goldciti S$ 80, 000, of which S$ 40, 000 was paid out. The suing functions claimed that the brokers may not get any documentation of any collaboration or job done by Goldciti.
Mr. Tan Hui Meng claimed that Goldciti’s hourly charge-out rate was S$ 800 and that Homing Holdings ‘ project was estimated to need 100 hours of work.
He claimed that Goldciti’s work involved gathering data from Homing Holdings ‘ financial statements, tracing the general ledger to sources ‘ invoices, meeting potential investors, and writing a report.
He refuted Ms. Kang’s claims that the 17-page report was made to support the S$ 80, 000 repayment from Homing Holdings and that it was intended to aid him and Ms Lee in siphoning money from the business.
Mr. Tan even disagreed that the review was not prepared in November 2020 but was backdated to present the services rendered, and that he lacked the knowledge to write a reform record for a business that was in bankruptcy.
On January 21, the prosecution will resume.