Lim Koon Park v Yap Jin Meng Bryan: Assessment of Damages and Interest Calculation

In a supplemental judgment, the High Court of Singapore addressed outstanding issues from a prior judgment regarding Lim Koon Park's 25% share of net profits from Riverwealth Pte Ltd's property sales. The court determined the interest payable to the first defendant, Yap Jin Meng Bryan, on his loan to Riverwealth, and subsequently calculated Lim Koon Park's profit entitlement to be $794,569.87. The court awarded costs to the plaintiff, subject to deductions for certain conduct during the assessment hearing, and also awarded interest on the judgment sum.

1. Case Overview

1.1 Court

High Court of the Republic of Singapore

1.2 Outcome

Judgment for the plaintiff for $794,569.87, plus costs and interest.

1.3 Case Type

Civil

1.4 Judgment Type

Supplemental Judgment

1.5 Jurisdiction

Singapore

1.6 Description

Supplemental judgment regarding the assessment of damages and interest calculation for Lim Koon Park's share of net profits from property sales.

1.7 Decision Date

2. Parties and Outcomes

Party NameRoleTypeOutcomeOutcome TypeCounsels
Yap Jin Meng BryanDefendantIndividualInterest AwardedPartial
Lim Koon ParkPlaintiffIndividualJudgment for PlaintiffWon
Riverwealth Pte LtdDefendantCorporationNeutralNeutral
Wee Pek JoonDefendantIndividualNeutralNeutral

3. Judges

Judge NameTitleDelivered Judgment
Lai Siu ChiuSenior JudgeYes

4. Counsels

Counsel NameOrganization
Lu Huiru GraceMorgan Lewis Stamford LLC
Chew Mei Lin LynetteMorgan Lewis Stamford LLC
Srinivasan s/o V NamasivayamHeng, Leong and Srinivasan LLC
Nur Liyana Bte Mohamed SinwanHeng, Leong and Srinivasan LLC

4. Facts

  1. The plaintiff claimed 25% share of net profit from Riverwealth's property sales.
  2. The first defendant loaned $22,580,621.99 to Riverwealth.
  3. The Court of Appeal allowed interest payable to the first defendant on the loan.
  4. A GST refund of $3,395,902.70 was made to Riverwealth on 1 September 2008.
  5. The plaintiff initially disputed the interest payable on the first defendant's loan.
  6. The court directed parties to file written submissions to show the quantum of compound interest chargeable on the principal sum at 7.5% per annum calculated on monthly rests.
  7. The court determined the plaintiff's 25% share of the net profit to be $794,569.87.

5. Formal Citations

  1. Lim Koon Park v Yap Jin Meng Bryan and others, Suit No 184 of 2010, [2016] SGHC 29
  2. Lim Koon Park v Yap Jin Meng Bryan and others, , [2015] SGHC 284
  3. Lim Koon Park and another v Yap Jin Meng Bryan and another, , [2013] 4 SLR 150

6. Timeline

DateEvent
Writ filed
Court of Appeal judgment
Assessment hearing
Affidavit of Valuation, AVA, filed
Hearing date
Counsel informed the court that the previously disputed amount of $2,780.14 had now been accepted by the plaintiff
Judgment reserved

7. Legal Issues

  1. Interest Calculation
    • Outcome: The court determined the method for calculating interest payable to the first defendant on his loan to Riverwealth, based on compound interest at 7.5% per annum calculated on monthly rests.
    • Category: Substantive
    • Sub-Issues:
      • Compound interest
      • Monthly rests
      • Treatment of GST refund
    • Related Cases:
      • [2013] 4 SLR 150
  2. Assessment of Damages
    • Outcome: The court determined the plaintiff's 25% share of the net profit from the sale of properties to be $794,569.87.
    • Category: Substantive
  3. Costs
    • Outcome: The court awarded costs of the assessment hearing to the plaintiff, subject to a 35% discount and a further deduction of $5,000 for affidavits not required.
    • Category: Procedural

8. Remedies Sought

  1. Account of Profits
  2. Monetary Damages

9. Cause of Actions

  • Breach of Contract
  • Determination of Profit Entitlement

10. Practice Areas

  • Commercial Litigation

11. Industries

  • Real Estate

12. Cited Cases

Case NameCourtAffirmedCitationJurisdictionSignificance
Lim Koon Park v Yap Jin Meng Bryan and othersHigh CourtYes[2015] SGHC 284SingaporeThis is the main judgment to which this supplemental judgment refers, relating to the inquiry to determine the plaintiff's share of net profit.
Lim Koon Park and another v Yap Jin Meng Bryan and anotherCourt of AppealYes[2013] 4 SLR 150SingaporeThe Court of Appeal judgment allowed interest payable to the first defendant on his loan to Riverwealth.

13. Applicable Rules

Rule Name
O 59 r 3(2) of the Rules of Court
O 42 r 12 of the Rules
O 57 r 4(c) of the Rules

14. Applicable Statutes

Statute NameJurisdiction
Rules of Court (Cap 322, R 5, 2014 Rev Ed)Singapore

15. Key Terms and Keywords

15.1 Key Terms

  • Net Profit
  • Interest Calculation
  • Principal Sum
  • GST Refund
  • Assessment of Damages
  • Equity Contribution
  • Monthly Rests
  • Allowable Deductions

15.2 Keywords

  • assessment of damages
  • interest calculation
  • net profit
  • property sales
  • singapore
  • high court

17. Areas of Law

Area NameRelevance Score
Commercial Disputes70
Contract Law60
Assessment of Damages60
Judgments and Orders50
Interest50
Civil Procedure40
Costs30

16. Subjects

  • Contract Law
  • Civil Procedure
  • Damages
  • Interest