Siti Norma Yaakob J:

[1] In these 4 consolidated petitions, the parties who are the shareholders of the 4 companies sought to be wound up under s 218(1)(i) of the Companies Act, 1965 (the Act), agree as a matter of convenience to proceed with the first of such petitions filed in D2- 28-187-90 and that orders to be made in this first petition will govern the other petitions as well.

[2] The dispute in D2-28-187-90 is very much a family dispute and it concerns the right to be entitled to enjoy the fruits of investments made by the petitioner, Woodsville Sdn Bhd, with Tien Ik Enterprises Sdn Bhd., the 1st respondent, the company sought to be wound up.

[3] The petitioner is a nominee company of Peter Kuok Khoon Hwong (Peter), the eldest of 7 siblings of Kuok Hock Chin (Kuok Sr). The 7 siblings are

(1) Peter Kuok

(2) Joshua Kuok

(3) Helen Kuok

(4) James Kuok

(5) Andrew Kuok

(6) Irene Kuok

(7) David Kuok

[4] Thus the 2nd, 3rd and 4th respondents are Peter's brother and sisters whilst the 5th respondent is Peter's nephew, he being the son of Joshua, the 2nd of the 7 siblings. James is not cited a party as he had already filed separate proceedings against the 1st and 2nd respondents in Singapore and Malaysia and he has settled his claims against them. The other sibling, Andrew, has also brought separate proceedings against the 1st and 2nd respondents for an account of his share in the 1st respondent and the matter is still pending.

[5] The 1st respondent was incorporated on 7 March 1978, with an authorised capital of RM2 million, divided into 2 million shares at RM1.00 each. Todate it has paid up capital of RM1 million, divided into 1 million shares of RM1.00 each. It was incorporated to carry on business as general traders including the buying and selling of all forms of investments. The petitioner who is Peter's investment arm, is a shareholder, so too Parquin Sdn Bhd, K-Crest Sdn Bhd, Milverton Sdn Bhd (the nominee companies of the 2nd, 3rd and 4th respondents respectively), the 5th respondent and Andrew in equal shares. Up to 1989, Peter was a director but presently the board is made up of the 2nd - 5th respondents.

[6] The 1st respondent is one of an array of companies set up in 1978 in Malaysia, Singapore and Hong Kong as the vehicles to further the family fortune. The other companies are

[7] I shall refer to all these companies as the family companies.

[8] There was also in existence two family trust funds. The first of these, known as the KHC Trust Fund, was set up in 1974 and the primary beneficiaries were Kuok Sr, his wife, children and grandchildren. Under the terms of the trust deed, Unipar Sdn Bhd was appointed the sole trustee with powers to determine the vesting day and the ultimate beneficiaries. This trust became vested on 30 June 1983, and Peter's 1/6th share as well as the shares of the other siblings were ploughed into the pool fund in 1984, the details of which are discussed further in this judgment.

[9] The other family trust fund was the Peduka Trust set up in Hong Kong in 1978 to regulate all the proceeds of sale of all the overseas assets belonging to the family of Kuok Sr. This trust became vested in 1984 and Peter became entitled to a 1/6th share.

[10] Besides the two trust funds, there were 2 other family companies set up by Kuok Sr and the members of his immediate family, these being

(1) Kuok (Singapore) Pte Ltd, a company incorporated in Singapore (the Singapore company).

(2) Kuok Brothers Sdn Bhd, a company incorporated in Malaysia (the Malaysian company).

[11] All the 7 siblings hold a substantial amount of the shares in both the Singapore and Malaysian companies.

[12] In 1977, following differences between Kuok Sr. and his brother, Kuok Sr and members of his family withdrew from the Singapore and Malaysian companies and sold their holdings in both the companies. For this purpose, Peter appointed two of the family companies, TISB and Tien Ik Holdings Pte Ltd as his agents to sell his shares.

[13] Kuok Sr then got his