Heament Kurian v Lian Foo Kuan David: Breach of Fiduciary Duty in Partnership Dispute
In a suit between Heament Kurian and Lian Foo Kuan David, the High Court of Singapore addressed a dispute arising from a business venture. Kurian claimed that David breached his fiduciary duties as a partner. The court, presided over by Judicial Commissioner Debbie Ong, ordered that the accounts of the partnership be determined and finalised, and that the partnership be dissolved. The court also ordered that the shares of the partnership in the Austin Residences and the Kempas Properties be sold and the proceeds divided equally between the parties.
1. Case Overview
1.1 Court
High Court of the Republic of Singapore1.2 Outcome
Accounts of the partnership to be determined and finalised; partnership dissolved.
1.3 Case Type
Civil
1.4 Judgment Type
Grounds of Decision
1.5 Jurisdiction
Singapore
1.6 Description
A dispute arose between Heament Kurian and Lian Foo Kuan David over a business venture, leading to claims of breached fiduciary duties and accounting issues. The court ordered an accounting of the partnership.
1.7 Decision Date
2. Parties and Outcomes
| Party Name | Role | Type | Outcome | Outcome Type | Counsels |
|---|---|---|---|---|---|
| Heament Kurian | Plaintiff | Individual | Accounts of the partnership to be determined and finalised; partnership dissolved. | Neutral | Chong Seow Ming Adeline |
| Lian Foo Kuan David | Defendant | Individual | Accounts of the partnership to be determined and finalised; partnership dissolved. | Neutral | George Barnabas Pereira, Tan Thong Young |
3. Judges
| Judge Name | Title | Delivered Judgment |
|---|---|---|
| Debbie Ong | Judicial Commissioner | Yes |
4. Counsels
| Counsel Name | Organization |
|---|---|
| Chong Seow Ming Adeline | Legal Ink Law Corporation |
| George Barnabas Pereira | Pereira & Tan LLC |
| Tan Thong Young | Pereira & Tan LLC |
4. Facts
- Plaintiff and defendant were close friends who entered into a business venture.
- The plaintiff obtained credit facilities to fund the venture.
- The plaintiff transferred funds to a joint account with the defendant.
- The defendant invested in properties in Malaysia.
- A disagreement arose over a land purchase.
- The plaintiff sought an account of the assets acquired.
- The defendant contributed gold bars to the venture.
5. Formal Citations
- Heament Kurian v Lian Foo Kuan David, Suit No 1111 of 2014, [2016] SGHC 43
6. Timeline
| Date | Event |
|---|---|
| Parties began discussing investment opportunities. | |
| Parties agreed to undertake the Business Venture. | |
| Plaintiff obtained credit facilities from banks. | |
| Plaintiff transferred funds to defendant's account. | |
| Defendant transferred money to the plaintiff. | |
| Parties disagreed over land purchase. | |
| Defendant stopped transfers to the plaintiff. | |
| Suit filed. | |
| Trial began. | |
| Trial concluded. | |
| Judgment issued. | |
| Accountant appointed. |
7. Legal Issues
- Breach of Fiduciary Duty
- Outcome: The court found that the defendant had not breached any duty or the terms of the partnership agreement by his failure to repay or contribute to the repayment of the Loans.
- Category: Substantive
- Accounting of Partnership Assets
- Outcome: The court ordered that the accounts of the partnership be determined and finalised.
- Category: Procedural
- Terms of the Business Venture
- Outcome: The court determined the terms of the business venture, including capital contributions and profit/loss sharing.
- Category: Substantive
8. Remedies Sought
- Repayment of Loans
- Accounting of Investment Yields
- Damages
- Dissolution of Partnership
9. Cause of Actions
- Breach of Fiduciary Duty
- Failure to Account
10. Practice Areas
- Commercial Litigation
11. Industries
- Finance
- Real Estate
12. Cited Cases
| Case Name | Court | Affirmed | Citation | Jurisdiction | Significance |
|---|---|---|---|---|---|
| No cited cases | |||||
13. Applicable Rules
| Rule Name |
|---|
| No applicable rules |
14. Applicable Statutes
| Statute Name | Jurisdiction |
|---|---|
| No applicable statutes | |
15. Key Terms and Keywords
15.1 Key Terms
- Business Venture
- Partnership
- Capital Contribution
- Gold Bars
- Loans
- Accounting
- Austin Residences
- Kempas Property
- Global KPP Pte Ltd
- VGMC shares
15.2 Keywords
- partnership
- fiduciary duty
- accounting
- business venture
- singapore
- high court
16. Subjects
- Partnership Dispute
- Fiduciary Duty
- Accounting
- Investments
17. Areas of Law
- Partnership Law
- Breach of Fiduciary Duty
- Accounting