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Challenging a Court-Appointed Share Valuation After a Minority Oppression Buyout – Why the Bar Is So High; Ayaz Ahmed and others v Mustaq Ahmad and others [2026] SGHC 221

In Ayaz Ahmed v Mustaq Ahmad [2026] SGHC 221, the Singapore High Court dismissed challenges to a court-appointed valuer’s share valuation in the Mustafa Centre minority oppression buyout. Our directors explain why the bar is so high and the practical lessons for shareholder buyouts.

Mark Lee and Sarah Yeo Author Singapore Chapters of Chambers Global Practice Guide: Shareholders’ Rights & Shareholder Activism 2026

ML Chambers' directors Mark Lee and Sarah Yeo authored the Singapore chapters of the Chambers Global Practice Guide: Shareholders' Rights & Shareholder Activism 2026, covering minority oppression, derivative actions, directors' duties and arbitrating shareholder disputes.

Featured in Asian Legal Business; Higher Stakes for Singapore Directors

Featured in Asian Legal Business (October 2026), Mark Lee of ML Chambers explains what Singapore's 2026 Companies Act reforms mean for directors' duties, personal liability, audit committees and nominee directors.

Stopping Parallel Proceedings in China: The SICC Grants an Anti-Suit Injunction in a Cross-Border Joint Venture Dispute; Xu Xiangrong and another v Fu Xianwei and others [2026] SGHC(I) 23

In Xu Xiangrong v Fu Xianwei [2026] SGHC(I) 23, the SICC restrained a joint venture partner from pursuing three parallel suits in Shanghai. Our directors explain when Singapore courts will grant an anti-suit injunction and the practical takeaways for cross-border joint ventures.

Case Highlights – From Hostile EGM to Negotiation Leverage in a Cross-Border Joint Venture Dispute

Mark Lee Chambers Law Corporation (“ML Chambers”) directors Mark Lee and Sarah Yeo recently advised a founder, who was both a minority shareholder and a director, of a Singapore-incorporated joint venture company in a cross-border shareholder and boardroom dispute spanning multiple jurisdictions.

Walking the Tight Rope: Mark Lee on the Role of the 21st Century Board Director

Our Managing Director Mark Lee spoke at Lexology’s Masterclass Series. The session covered the complexities of the function of a company’s board and the labyrinth of directors’ duties that an individual has to navigate in this 21st century corporate jungle.

When Majority Shareholder Funding Becomes Minority Oppression: Lessons from the Soneva Dispute; SH (BVI) Ltd v Steele SVA Holdings, LLC and another [2026] SGHC(I) 20

In the Soneva dispute, SH (BVI) Ltd v Steele SVA Holdings [2026] SGHC(I) 20, the SICC found that a private equity-backed majority oppressed the founder’s minority vehicle through extortionate insider debt financing. Our directors explain the decision and the lessons for founders, minority investors and boards.

Insolvency Examinations of Directors: Officers Readily Ordered, Third-Party Directors Only in a “Special Case”; Re Think & Learn Pte Ltd and another [2026] SGHC 227

In Re Think & Learn [2026] SGHC 227, the Singapore High Court confirmed the general inclination to order examination of officers and former officers under s 244 IRDA, while orders against a third-party entity and its directors need a “special case” and litigation targets face a narrower scope. Our directors explain what it means for directors and liquidators.

Minority JV Investor’s Claims Struck Out: Alleged Oral “Collateral Agreement” Requiring Its Consent to Shareholding Changes in a Panamanian JV Company; Ever Strategy Consultants Ltd v Corporación Crambo, SA and others and other appeals [2026] SGHC(A) 23

In Ever Strategy v Corporación Crambo [2026] SGHC(A) 23, a minority JV investor’s claims based on an alleged oral “Collateral Agreement” requiring its consent to shareholding changes in a Panamanian JV company were struck out. Our directors explain the decision and the lessons for minority shareholders and joint venture partners.

Exclusive Singapore Contributors to Global Legal Insights 2026 (15th edition) – Litigation & Dispute Resolution

Mark Lee Chambers Law Corporation has contributed the Singapore chapter of the Global Legal Insights – Litigation & Dispute Resolution Laws and Regulations 2026 (15th edition).

Featured in The Business Times; Where Board Oversight Meets Entrepreneurial Risk

Published in The Business Times, this article by our director Mark Lee examines one of the most pressing questions in modern corporate governance: how can regulators strengthen director accountability without stifling the entrepreneurial risk-taking that fuels business growth?

A Director’s Perspective: Exposure, Risks and Personal Liability

In this article, we explore the trite concept of limited liability of companies juxtaposed against the “ironic” onerous personal liability / exposure that directors face in the course of their management and running of that limited liability entity. Whilst not intended to be exhaustive, this article attempts to take the reader through scenarios where a director may find herself / himself staring down the “barrel” of a lawsuit / regulatory enforcement action and risking personal liability.

Managing Director Mark Lee and Director Sarah Yeo Contribute to “Lexology Panoramic: Corporate Governance 2026”

Managing Director Mark Lee and Director Sarah Yeo have co-authored the Singapore Chapter of Lexology Panoramic: Corporate Governance 2026. They examine the key planks of any governance discourse, including shareholder power, board responsibilities, corporate control and oversight.

Investing in Singapore: A Foreign Investor’s Guide (投资新加坡：外国投资者实用指南)

This joint article between Marigold Consultancy and Mark Lee Chambers Law Corporation (“ML Chambers”), presents a bite-sized Q&A roadmap for readers (i.e. the would-be foreign investor) looking to invest abroad and, in particular, contemplating expanding their businesses into and anchored / headquartered in Singapore.

Case Highlights

Our directors Mr Mark Lee and Ms Sarah Yeo represented a corporate group, comprised of a company (publicly listed on the SGX) and its wholly owned subsidiary (a private limited company that undertook the core business of the group) in a concurrent application for a moratorium pursuant to section 64 and section 65 (related company) of the Insolvency, Restructuring and Dissolution Act 2018.

Shareholder Decisions – The Power of the Vote

When can shareholders make management decisions in connection to the company? Can shareholders overrule their board’s business decisions? What decisions (if any) must be reserved to the shareholders? In this brief note, our directors explore some of these questions.

Testifying From Outside Singapore – the Video Link Exception in Multi-Jurisdictional Disputes

Where multi-jurisdictional disputes have become increasingly common place in Singapore, the simple (or what used to be) issue of having all witnesses testify at trial (in Singapore) physically in-person becomes an increasingly vexed one. In a matter handled by our Mr Mark Lee and Ms Sarah Yeo, this issue became a particularly hotly contested one between the shareholders of a corporate group.

Contributors to Chambers and Partners’ Chambers Global Practice Guide: Shareholders’ Rights & Shareholder Activism 2025

Our directors, Mr Mark Lee and Ms Sarah Yeo, contributed to Chambers and Partners’ Chambers Global Practice Guide: Shareholders' Rights & Shareholder Activism 2025.

SHAREHOLDERS AGREEMENT

Would every shareholder, notwithstanding his/her proportion of shareholding, be entitled to a seat on the board?

SHAREHOLDER DISPUTES

This article explores both the legal and technical aspects of shareholder oppression claims and business/share valuations.

Shareholder – The Concept – Rights & Liabilities

The company was the first business form to enable the separation of ownership and management.

Share Buy-Out; Applicability of Discounts

When would the court's coercive power be enlivened? Under what circumstances (if at all) would relevant discounts be applied to a share buyout? These issues were considered and clarified by the Singapore Court of Appeal in the case of "Liew Kit Fah [2020] 1 SLR 275"

Power to Grant Relief – Directors’ Liability ; Section 391 (CA)

Section 391 of the Companies Act (Cap 50) (“the Act”); provides the Court a power to relieve directors from the consequences of their negligence, default, breach of duty or breach of trust.

Lifting the Veil of Incorporation

The incorporation of a company creates a separate “person” in law. In turn, a protective “veil” of sorts is cast over the true controllers of the company.

Directors –The Concept –Duties & Liabilities

Although the law only recognizes one form of directorship. In practice, however, there are several kinds of directors, including; executive directors, nonexecutive directors and “shadow” directors, etc. Executive directors are the most common type of directors who work for the company on a full-time basis.

Access to a Company’s Documents & Records

A Director’s Right to Inspect a Company’s Documents - Section 199 of the Companies Act (Cap 50) (“the Act”) provides that a director has a general right to inspect a company’s documents.

Case Highlight – “Reverse Oppression”

Can a Majority Shareholder ever be Oppressed by a Minority? – “Reverse Oppression”

Case Highlight – Relevance of a Buy-out Offer

When is Shareholder Oppression Remedied? – Relevance of a Buy-Out Offer

Case Update – Ho Yew Kong v Sakae Holdings Ltd [2018] SGCA 33

The apex Court of Singapore had the opportunity to address two main issues in relation to shareholder minority oppression claims brought under Section 216 of the Companies Act (Cap. 50):-

Companies – Corporate Personality

Incorporation and its Effects Section 17(3) of the Companies Act (Cap 50) (“the Act”) makes it clear that an unincorporated association “formed for the purpose of carrying on any business that has for its object the acquisition of gain by the company” may not consist of more than 20 persons.

Derivative Action by Shareholders

In this article, we discuss specific circumstance(s) where the shareholders may feel that the company ought to enforce certain corporate rights but its directors refuse to do so.

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Areas of Practice

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Challenging a Court-Appointed Share Valuation After a Minority Oppression Buyout – Why the Bar Is So High; Ayaz Ahmed and others v Mustaq Ahmad and others [2026] SGHC 221

Mark Lee and Sarah Yeo Author Singapore Chapters of Chambers Global Practice Guide: Shareholders’ Rights & Shareholder Activism 2026

Featured in Asian Legal Business; Higher Stakes for Singapore Directors

Stopping Parallel Proceedings in China: The SICC Grants an Anti-Suit Injunction in a Cross-Border Joint Venture Dispute; Xu Xiangrong and another v Fu Xianwei and others [2026] SGHC(I) 23

Case Highlights – From Hostile EGM to Negotiation Leverage in a Cross-Border Joint Venture Dispute

Walking the Tight Rope: Mark Lee on the Role of the 21st Century Board Director

When Majority Shareholder Funding Becomes Minority Oppression: Lessons from the Soneva Dispute; SH (BVI) Ltd v Steele SVA Holdings, LLC and another [2026] SGHC(I) 20

Insolvency Examinations of Directors: Officers Readily Ordered, Third-Party Directors Only in a “Special Case”; Re Think & Learn Pte Ltd and another [2026] SGHC 227

Minority JV Investor’s Claims Struck Out: Alleged Oral “Collateral Agreement” Requiring Its Consent to Shareholding Changes in a Panamanian JV Company; Ever Strategy Consultants Ltd v Corporación Crambo, SA and others and other appeals [2026] SGHC(A) 23

Exclusive Singapore Contributors to Global Legal Insights 2026 (15th edition) – Litigation & Dispute Resolution

Featured in The Business Times; Where Board Oversight Meets Entrepreneurial Risk

A Director’s Perspective: Exposure, Risks and Personal Liability

Managing Director Mark Lee and Director Sarah Yeo Contribute to “Lexology Panoramic: Corporate Governance 2026”

Investing in Singapore: A Foreign Investor’s Guide (投资新加坡：外国投资者实用指南)

Case Highlights

Shareholder Decisions – The Power of the Vote

Testifying From Outside Singapore – the Video Link Exception in Multi-Jurisdictional Disputes

Contributors to Chambers and Partners’ Chambers Global Practice Guide: Shareholders’ Rights & Shareholder Activism 2025

SHAREHOLDERS AGREEMENT

SHAREHOLDER DISPUTES

Shareholder – The Concept – Rights & Liabilities

Share Buy-Out; Applicability of Discounts

Power to Grant Relief – Directors’ Liability ; Section 391 (CA)

Lifting the Veil of Incorporation

Directors –The Concept –Duties & Liabilities

Access to a Company’s Documents & Records

Case Highlight – “Reverse Oppression”

Case Highlight – Relevance of a Buy-out Offer

Case Update – Ho Yew Kong v Sakae Holdings Ltd [2018] SGCA 33

Companies – Corporate Personality

Derivative Action by Shareholders

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出版物

Areas of Practice

Search Article

Challenging a Court-Appointed Share Valuation After a Minority Oppression Buyout – Why the Bar Is So High; Ayaz Ahmed and others v Mustaq Ahmad and others [2026] SGHC 221

Mark Lee and Sarah Yeo Author Singapore Chapters of Chambers Global Practice Guide: Shareholders’ Rights & Shareholder Activism 2026

Featured in Asian Legal Business; Higher Stakes for Singapore Directors

Stopping Parallel Proceedings in China: The SICC Grants an Anti-Suit Injunction in a Cross-Border Joint Venture Dispute; Xu Xiangrong and another v Fu Xianwei and others [2026] SGHC(I) 23

Case Highlights – From Hostile EGM to Negotiation Leverage in a Cross-Border Joint Venture Dispute

Walking the Tight Rope: Mark Lee on the Role of the 21st Century Board Director

When Majority Shareholder Funding Becomes Minority Oppression: Lessons from the Soneva Dispute; SH (BVI) Ltd v Steele SVA Holdings, LLC and another [2026] SGHC(I) 20

Insolvency Examinations of Directors: Officers Readily Ordered, Third-Party Directors Only in a “Special Case”; Re Think & Learn Pte Ltd and another [2026] SGHC 227

Minority JV Investor’s Claims Struck Out: Alleged Oral “Collateral Agreement” Requiring Its Consent to Shareholding Changes in a Panamanian JV Company; Ever Strategy Consultants Ltd v Corporación Crambo, SA and others and other appeals [2026] SGHC(A) 23

Exclusive Singapore Contributors to Global Legal Insights 2026 (15th edition) – Litigation & Dispute Resolution

Featured in The Business Times; Where Board Oversight Meets Entrepreneurial Risk

A Director’s Perspective: Exposure, Risks and Personal Liability

Managing Director Mark Lee and Director Sarah Yeo Contribute to “Lexology Panoramic: Corporate Governance 2026”

Investing in Singapore: A Foreign Investor’s Guide (投资新加坡：外国投资者实用指南)

Case Highlights

Shareholder Decisions – The Power of the Vote

Testifying From Outside Singapore – the Video Link Exception in Multi-Jurisdictional Disputes

Contributors to Chambers and Partners’ Chambers Global Practice Guide: Shareholders’ Rights & Shareholder Activism 2025

SHAREHOLDERS AGREEMENT

SHAREHOLDER DISPUTES

Shareholder – The Concept – Rights & Liabilities

Share Buy-Out; Applicability of Discounts

Power to Grant Relief – Directors’ Liability ; Section 391 (CA)

Lifting the Veil of Incorporation

Directors –The Concept –Duties & Liabilities

Access to a Company’s Documents & Records

Case Highlight – “Reverse Oppression”

Case Highlight – Relevance of a Buy-out Offer

Case Update – Ho Yew Kong v Sakae Holdings Ltd [2018] SGCA 33

Companies – Corporate Personality

Derivative Action by Shareholders

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