Chao Hick Tin J:

The 1st plaintiff was and is the owner of the Tiger Brand trade marks and their business includes, inter alia , the manufacture, sale and distribution of the Tiger Balm products in various parts of the world.

On 22 October 1971, a joint venture agreement (JVA) was entered into between the 1st plaintiff, Chia Holdings (HK) Ltd. and the 1st defendant with a view to re-organizing and expanding the Tiger Brand trade marks business of the 1st plaintiff. Pursuant to the JVA, two companies were incorporated, one in Singapore, Haw Par Eng Aun Tong Pte. Ltd. (HPEAT)and the other in Hong Kong, Haw Par Tiger Balm International Ltd. (HTPBI) (hereinafter collective called the "joint companies"). The 1st plaintiff and Chia Holdings (HK) Ltd. held equal shares in the joint companies. In accordance with the JVA, the 1st defendant was appointed the Managing Director and Chief Executive of the joint companies and is still holding that appointment.

The 1st plaintiff subsequently transferred its shares in the joint companies to the 2nd plaintiff. Chia Holdings (HK) Ltd. similarly transferred its shares in the joint companies, HPEAT and HPTBI, to the 2nd and 3rd defendant respecti