[2021] SGCA 25 - Judgment

Oct 22, 2026

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Judgment from the Court of Appeal of the Republic of Singapore addressing multiple related civil appeals and proceedings involving Crest entities and OUE Lippo Healthcare, including questions of civil liability in tort for conspiracy, agency, and dishonest assistance. The decision analyzes the standby facility’s purpose, drawdowns to acquire shares, breach of fiduciary and reasonable care duties, state of mind attribution, unlawful means conspiracy, and resulting damages assessment. It further determines the requirements of knowledge and unlawfulness for liability and resolves liability across the parties’ roles.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages85

Reading Time3 h 34 min

AccessFree to download

INTRODUCTION

BACKGROUND FACTS

DRAMATIS PERSONAE

THE SUBJECT MATTER OF THE DISPUTE

THE GENESIS OF THE DISPUTED FACILITIES

DRAWDOWNS UNDER THE STANDBY FACILITY TO ACQUIRE IHC SHARES

DEMANDS FOR REPAYMENT UNDER THE STANDBY FACILITY

THE DISPUTE AROSE

DECISION BELOW

THE PURPOSE OF THE STANDBY FACILITY

WHETHER THERE WERE DRAWDOWNS ON THE STANDBY FACILITY TO PURCHASE IHC SHARES

ISSUES ON APPEAL

CONCLUSION

IN THE COURT OF APPEAL OF THE REPUBLIC OF SINGAPORE [2021] SGCA 25 Civil Appeal No 113 of 2020 Between (1) Crest Capital Asia Pte Ltd (2) Crest Catalyst Equity Pte Ltd (3) The Enterprise Fund III Ltd (4) VMF3 Ltd (5) Value Monetization III Ltd …Appellants And (1) OUE Lippo Healthcare Ltd (formerly known as International Healthway Corporation Ltd) (2) IHC Medical Re Pte Ltd …Respondents Civil Appeal No 132 of 2020 Between Lim Beng Choo …Appellant And (1) OUE Lippo Healthcare Ltd (formerly known as International Healthway Corporation Ltd) (2) IHC Medical Re Pte Ltd Version No 1: 30 Mar 2021 (14:28 hrs) …Respondents Civil Appeal No 135 of 2020 Between Fan Kow Hin …Appellant And (1) OUE Lippo Healthcare Ltd (formerly known as International Healthway Corporation Ltd) (2) IHC Medical Re Pte Ltd …Respondents In the matter of Suit No 441 of 2016 Between (1) OUE Lippo Healthcare Ltd (formerly known as International Healthway Corporation Ltd) (2) IHC Medical Re Pte Ltd …Plaintiffs And (1) Crest Capital Asia Pte Ltd (2) Crest Catalyst Equity Pte Ltd (3) The Enterprise Fund III Ltd (4) VMF3 Ltd (5) Value Monetization III Ltd (6) Fan Kow Hin (7) Aathar Ah Kong Andrew (8) Lim Beng Choo Version No 1: 30 Mar 2021 (14:28 hrs) …Defendants JUDGMENT [Tort]—[Conspiracy] [Agency]—[Evidence of agency] [Agency]—[Principal][Trusts]—[Accessory liability][Damages]—[Assessment] Version No 1: 30 Mar 2021 (14:28 hrs) TABLE OF CONTENTS INTRODUCTION............................................................................................1 BACKGROUND FACTS ................................................................................3 DRAMATIS PERSONAE......................................................................................3 THE SUBJECT MATTER OF THE DISPUTE............................................................4 THE GENESIS OF THE DISPUTED FACILITIES.....................................................6 DRAWDOWNS UNDER THE STANDBY FACILITY TO ACQUIRE IHC SHARES .......8 DEMANDS FOR REPAYMENT UNDER THE STANDBY FACILITY ..........................9 THE DISPUTE AROSE ...................................................................................... 10 DECISION BELOW ......................................................................................12 THE PURPOSE OF THE STANDBY FACILITY.....................................................12 WHETHER THERE WERE DRAWDOWNS ON THE STANDBY FACILITY TO PURCHASE IHC SHARES.................................................................................13 MR FAN ’S BREACH OF DUTIES .......................................................................15 MS LIM ’S BREACH OF DUTIES........................................................................16 ATTRIBUTION OF MR TAN ’S STATE OF MIND TO THE CREST ENTITIES...........17 DISHONEST ASSISTANCE................................................................................19 The Crest Entities.....................................................................................19 Ms Lim......................................................................................................21 UNLAWFUL MEANS CONSPIRACY...................................................................21 The Crest Entities and Mr Fan.................................................................21 Ms Lim......................................................................................................22 DAMAGES......................................................................................................23 I Version No 1: 30 Mar 2021 (14:28 hrs) Mr Fan’s liability for his breach of fiduciary duties................................23 The Crest Entities’ liability in dishonest assistance and unlawful means conspiracy .........................................................................................

FAQs

What parties and proceedings are covered in this judgment?

The judgment concerns the Court of Appeal matters including Civil Appeal Nos 113, 132, and 135 of 2020, and a related Suit No 441 of 2016, involving Crest Capital Asia Pte Ltd and other Crest-related entities versus OUE Lippo Healthcare Ltd and related respondents.

Which legal issues are analyzed regarding wrongdoing and liability?

The decision addresses tort concepts including conspiracy, agency, dishonest assistance, attribution of state of mind, and breaches of fiduciary duties and reasonable care, together with the requirements of knowledge for unlawful means conspiracy.

How does the judgment treat the standby facility and drawdowns?

It evaluates whether there were drawdowns under the standby facility to purchase IHC shares, the facility’s purpose, and whether the relevant party knew the true purpose and the drawdowns made, which affects liability conclusions.

Oct 22, 2026

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