Asian property bosses fight it out in Canadian province

KUALA LUMPUR (Feb 6): Asian property tycoons are grabbing the limelight in Canada as their legal tussles are aired in the media.

The Edge Malaysia reported that a British Columbia Supreme court has ordered local property giant Concord Pacific Group to pay about C$5 million (RM15.86 million) in special costs after one of its senior employees was found to be “egregiously dishonest” in an “ongoing legal battle between two Asian tycoons”.

Justice Peter Voith found that David Ju, Concord’s vice-president, had misled the court in the case that “pits” his boss Concord CEO Terry Hui against Singapore billionaire Oei Hong Leong. The weekly reports Hui as “scion of a Hong Kong family that made its fortune in taxis and real estate”.

“This is not a case of my simply failing to accept Mr Ju’s evidence. I considered his evidence to be egregiously dishonest and I am satisfied that its purpose was to mislead the court. I also consider that this dishonesty took multiple forms,” wrote Voith.

“Mr Ju swore false affidavits, he gave false evidence at his examination for discovery, and he gave false evidence at trial in relation to numerous issues,” he added.

Oei and Hui are reportedly involved in a “long-running legal dispute” over the 4.16ha Plaza of Nations site – “one of the most valuable remaining pieces of waterfront property in downtown Vancouver”. The site is valued at over C$800 million

Hui had originally sued Oei for allegedly acting in bad faith and breaching an agreement to sell the land to Concord.

Voith dismissed “the claim in its entirety”, describing the evidence and conduct of Concord’s senior officials as “problematic”, “unreliable” and “dishonest”.

Voith also concluded that Concord had negotiated with Oei and his company in bad faith.

According to The Edge’s report, Oei also filed an abuse of court process case and a C$245 million civil conspiracy lawsuit against Concord.

Charles Chan, described as “King of Shell Companies” by the media, has been named as a defendant in the civil conspiracy lawsuit.

The lawsuit “also references” a C$40 million “surreptitious” transaction involving Asian property tycoons.

Read the full report in this week’s The Edge Malaysia

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