Yeo Chong Lin SWISSCO founder pay ex-wife Nancy Tay S$ 41m

SWISSCO founder Yeo Chong Lin ordered to pay ex-wife Nancy Tay S$ 41m
Mr Yeo Chong Lin, whose worth was estimated at more than $ 115 million, has to pay his ex-wife in six months:A SELF-MADE millionare, reportedly worth an estimated S$ 115mil, was ordered by the Singaporean High Court to pay his former wife S$ 41mil 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 Chong Lin was ordered to pay her 35% of his matrimonial assets.

Yeo Chong Lin claimed to have only S$ 52mil 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 were two pieces of property and seven luxury cars totalling S$ 4.72mil  which Yeo Chong Lin bought after the divorce, the daily reported.The judge said Yeo Chong Lin 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.

SOURCE: thestar.com.my