MUI / Khoo Kay Peng

[winston]

I have no interest in Malaysia, Pauline Chai tells divorce court

http://www.thestar.com.my/News/Nation/2 ... -malaysia/

[winston]

not vested

Trading in MUI shares voluntarily suspended until next Tuesday (Update)

KUALA LUMPUR: Trading in the securities of Malayan United Industries Bhd (MUI) – which is controlled by low-profile tycoon Tan Sri Khoo Kay Peng -- was voluntarily suspended from 11am Thursday until next Tuesday, 5pm.

A Bursa Malaysia Securities circular issued on Tuesday said the trading halt for three days was pended the release of a material announcement.

Khoo, 75, is the chairman and chief executive of MUI.

MUI, which is listed on the Main Market of Bursa Malaysia Securities Berhad, was incorporated in Malaysia on May 28, 1960 and listed on June 30, 1971.

According to its website, MUI is an investment holding company. Through its subsidiaries and associated companies, the MUI Group is primarily engaged in retailing, hotels, food & confectionery, financial services and properties.

The group's international operations span the United Kingdom, Continental Europe, the US, China and the Asia Pacific region.

The MUI Group has total assets of RM2.2bil and shareholders' funds of RM724.7mil.

Its retailing business is undertaken by Metrojaya Bhd and Laura Ashley Holdings Plc while its financial services is by PM Securities Sdn Bhd.

Its hotels include the Corus hotels in UK, Kuala Lumpur and Corus Paradise resort Port Dickson. Its interest in properties is via MUI Properties Bhd while its food and confectionery business is via Network Foods Group.

Source: The Star

[winston]

Loss-making MUI in talks to sell certain substantial assets

KUALA LUMPUR: Loss-making Malayan United Industries Bhd (MUI) is in “serious discussions” to explore the possibilities of selling certain substantial assets.

It said on Tuesday the serious discussions with a potential party to dispose of the assets was to realise their value.

“Once discussions are completed and an agreement is entered into, the company will make full disclosure of the transaction,” it said.

MUI also reminded the shareholders there is no certainty as to the outcome of the discussions.

In its third quarter ended Sept 30, 2014, it posted net losses of RM2.31mil compared with net profit of RM15.92mil a year ago. Its revenue fell 7.5% to RM150.76mil from RM162.95mil.

For Q3, group revenue rose to RM150.8mil but recorded lower profit before tax (PBT) of RM300,000 compared with a lower revenue of RM144.80mil and higher PBT of RM6.8mil in Q2,FY14.

“Higher revenue in the current quarter was attributed to higher revenue from the retailing, hotels and foods & confectionery divisions. The lower PBT in the current quarter was mainly attributed to the higher exceptional loss arising from foreign currency translations and provision for legal claim,” it said.

MUI said in the nine months ended Sept 30, 2014, it swung into the red with net losses of RM3.07mil compared with earnings of RM17.31mil. Its revenue fell 6.2% to RM441.18mil from RM470.25mil. It recorded lower PBT of RM7.2m compared with PBT of RM41.3mil.

In the food & confectionery division, the lower revenue and PBT was due to lower domestic sales. The property division recorded lower PBT for the current financial period under review compared with the same period last financial year.

Lower PBT for the current financial period under review was mainly due to provision for legal settlement in the US and the one-off gain on disposal of development land in Port Dickson in the corresponding period last financial year.

However, the property development project in Bandar Springhill performed better in the current financial period. The gross profit margin increased from 38% to 49% in the current financial period under review.

The higher gross profit margin was due to the higher gross profit margin in both property development and sale of palm oil fruits.

The gross profit margin from property development increased from 33% in the same period last financial year to 40% in the current financial period under review whilst gross profit margin from sale of palm oil fruits increased from 62% in the same period last financial year to 73% in the current financial period under review.

In the UK retailing division, Laura Ashley Holdings plc reported that trading for the five weeks from July 27, 2014 to Aug 30, 2014 was up 8% on a like-for-like basis, taking the cumulative like-for-like performance for the year to +2.3%.

For the retail division in Malaysia, Metrojaya recorded lower revenue and PBT due to the weaker performance in departmental stores and certain specialty stores.

The group’s hotel operations in Malaysia recorded marginal increase in revenue mainly attributed to the higher occupancy rate at Corus Hotel Kuala Lumpur.

Source: The Star

[winston]

Divorce case should be heard in Malaysia

http://www.thestar.com.my/News/Nation/2 ... -Malaysia/

[winston]

MUI plans to sell 69% stake in PMH

PETALING JAYA: Malayan United Industries Bhd (MUI) is proposing to sell its 69.192% stake in Pan Malaysia Holdings Bhd (PMH) to low-profile investor Datuk Yu Kuan Chon for RM77.12mil.

In a filing with Bursa Malaysia yesterday, MUI, involved mainly in hotel and retailing, said that its subsidiaries, Acquiline Sdn Bhd, Loyal Design Sdn Bhd, Malayan United Management Sdn Bhd, MUI Media Ltd, MUI Property Services Sdn Bhd and Megawise Sdn Bhd, had entered into a shares sale agreement with Yu for the disposal of 642.7 million ordinary shares representing 69.192% of the issued and paid-up share capital of PMH.

“The proposed disposal is in line with MUI’s business strategy of divesting non-core assets,” it said, adding that the disposal was also in line with the company’s continuing efforts to reduce its level of bank borrowings.

MUI said the proposed disposal was expected to reduce its total borrowings to RM890.54mil from RM970,32mil as at Dec 31, 2013.

“About RM60mil of the proceeds will be used to repay MUI’s bank borrowings while the balance will be for other working capital purposes. The estimate timeframe for the utilisation of the proceeds is 12 months upon the completion.”

The company said the expected gain from the disposal would be about RM40mil, based on the latest audited financial statements of MUI for the financial year ended Dec 31, 2013, assuming that the proposed disposal had been effected on Dec 31, 2013.

“Barring any unforeseen circumstances, the proposed disposal is expected to be completed within three months from the date of signing of the shares sale agreement,” MUI said.

MUI’s other businesses include food and confectionery, financial services, property, travel and tourism. It has operations in the United Kingdom, the United States, Canada, Thailand, Australia, Hong Kong, China and Singapore.

Veteran investor, Yu, is the major shareholder of YNH Property Bhd, a Perak-based property developer.

Once a substantial shareholder of Hong Leong Capital Bhd, he shot into the limelight last year for blocking the privatisation of HLCap by its major shareholder Hong Leong Financial Group Bhd, whose ultimate shareholder is Tan Sri Quek Leng Chan.

An unassuming man in his early 50s, Yu graduated as a medical doctor in 1988 and then spent the next seven years practising in government hospitals before assisting in the family property development business, then known as Yu Neh Huat Bhd. His elder brother, Datuk Yu Kuan Huat, is YNH managing director.

Yu was appointed to the board of YNH in September 2003 and subsequently chairman in February 2004.

He is also a non-executive and non-independent director of semiconductor firm Rapid Synergy Bhd.

Source: The Star

[behappyalways]

Trade Wise: MUI in limelight for asset sale plan, Khoo’s divorce

WHILE THE billion-ringgit divorce case of business tycoon Tan Sri Khoo Kay Peng continues to make the headlines in the Malaysian and UK tabloids, investors are fascinated by the news that his asset-rich flagship Malayan United Industries Bhd (MUI) ( Financial Dashboard) is looking at the disposal of assets to unlock value.

Trading in MUI’s shares was suspended for almost four working days (from Nov 20 to 25) before the group announced to Bursa Malaysia that it is engaged in “serious discussions” with a potential party to explore the possibilities of disposing of “certain substantial assets” to realise their value.

MUI didn’t elaborate which assets would be involved or how substantial they would be. However, considering the group’s usually jittery response to speculation of asset disposal and the almost four-day suspension of its shares, investors see the announcement as significant.

MUI was up 17.4% from 23 sen on Nov 23 to 27 sen last Friday, giving the company a market capitalisation of RM747.8 million.

The flagship of Khoo, MUI owns assets with a potential market value that is said to be far greater than its enterprise value (EV) of RM1.34 billion (its market capitalisation plus net borrowings of RM588.3 million as at Sept 30, 2014), according to market observers who follow the stock.

Of the assets, the jewel of the crown appears to be Corus Hotel Hyde Park at Lancaster Gate, London, which reportedly could fetch a market value of £200 million (RM1.06 billion). The 390-room hotel that MUI had acquired in 2001 sits on 21,635 sq ft of freehold land and is carried at a net book value (NBV) of only RM257.5 million in the company’s balance sheet.

At £200 million, Corus Hotel Hyde Park would be valued at £513,000 per room. By comparison, the 447-room InterContinental Park Lane, situated on the other side of Hyde Park, was transacted last year at £301.5 million or a price per room of about £675,000.

Back home, MUI owns the refurbished Corus Hotel in Jalan Ampang, Kuala Lumpur, which sits on a 78,458 sq ft plot opposite the Petronas Twin Towers. This property is carried at an NBV of only RM60.5 million or RM771 psf.

MUI also has two plots of freehold land (with buildings on them now) in Jalan Ampang. One measures 38,104 sq ft and is carried at RM8.1 million (RM213 psf) while the other is 32,895 sq ft and carried at RM24.6 million or RM750 psf. The first plot was acquired in 1991 and the second in 2007.

James Wong, managing director of registered property valuer VPC Alliance (KL) Sdn Bhd, tells The Edge that Corus Hotel Kuala Lumpur can fetch indicative values of RM212 million or RM2,700 psf and the two plots RM1,800 psf each, which translates into a total market value of RM127.8 million.

Apart from its notable property assets, MUI owns stakes in two major retailers as well — 98.22% of local player Metrojaya Bhd and 35.17% of London-listed Laura Ashley Holdings Plc. While it is difficult to ascertain the value of Metrojaya as it is no longer listed, MUI’s stake in Laura Ashley is worth £70.84 million (RM375.8 million).

MUI also holds equity interest in MUI Properties Bhd ( Financial Dashboard) (74.32% valued at RM206.5 million), Pan Malaysia Corp Bhd ( Financial Dashboard) (66.51%, RM108.4 million) and Pan Malaysia Holdings Bhd (Financial Dashboard) (69.19%, RM77.1 million). All are listed on Bursa Malaysia.

Despite its rich assets, MUI reported a net loss of RM3.08 million or 0.1 sen a share in the nine months ended Sept 30, 2014, on revenue of RM441.19 million. The reasons for the dismal results include its high cost of borrowings (RM36.33 million) and relatively low yields from its core businesses in the hotel and retail industries.

According to the company’s 2013 annual report, Corus Hotel Hyde Park reported a pre-tax profit of £3.5 million (RM18.54 million) in FY2013 while Corus Hotel Kuala Lumpur delivered RM15 million. Considering what these two assets can fetch on the market through disposal or redevelopment — more so in the case of the Jalan Ampang property — the returns that MUI has been deriving from them are deemed low.

“London property prices have gone up quite a lot. If I could get rid of these assets at a good price, I would … As for the retail business, it is still generating stable income and I’d keep it,” says a businessman, adding that MUI needs to realise the value of its assets or make them work harder and, at the same time, trim its debt.

Indeed, there was news in the UK in July that MUI had appointed a real estate agent to scout around for a buyer for Corus Hotel Hyde Park. However, this was denied by MUI when reported by The Edge Financial Daily on Sept 29, quoting the UK article.

Whatever MUI’s plan may be, its growth potential has attracted savvy investor Datuk Dr Yu Kuan Chon.

As per The Edge Financial Daily’s Sept 29 report, the company’s 2013 annual report — published on June 4, 2014 — listed Yu as one of its top 30 shareholders with 44.63 million shares or a 1.53% stake as at April 28, 2014. Yu’s name did not appear anywhere in MUI’s 2012 annual report, which means he must have purchased the shares between the second half of 2013 and early this year.

The chairman of YNH Property Bhd, Yu is regarded as a shrewd businessman. He managed to block an attempt by tycoon Tan Sri Quek Leng Chan to privatise Hong Leong Capital Bhd (HLCap) last year as he believed the company’s value was higher than what Quek had offered.

Since April, however, it is not known whether Yu has purchased more shares in MUI or sold any.

Coming back to MUI’s announcement to Bursa on Nov 25, the group says it will make a full disclosure of the transaction once discussions are completed and an agreement has been entered into. It, however, has reminded its shareholders that there is no certainty on the outcome of the discussions.

“What I suspect is that the buyer and seller (MUI) thought they could come to an agreement last Tuesday. But come Tuesday, they had not come to a conclusion while the stock had to resume trading,” says an observer.

However, if one looks at it positively — that MUI is thinking of disposing of its substantial assets to realise their value — it puts the group on a path to enhancing shareholder value.

Meanwhile, last Friday’s news that the Kuala Lumpur High Court had ruled that it had the jurisdiction to hear Khoo’s billion-ringgit divorce dispute against his estranged wife, former beauty queen Pauline Chai, will continue to put the tycoon under the spotlight.

Chai has sought for the divorce case to be heard in the UK, where the sums paid out can be extraordinary. According to British media, she is expected to demand half of Khoo’s estimated RM2.3 billion (£440 million) fortune. Considering the amount, it’s hard not to think that the divorce case will have an indirect impact on MUI, in which Khoo owns 47.67%.

According to a report by The Malaysian Insider, Judge Yeoh Wee Siam said Chai’s domicile was in Malaysia and so the Malaysian court could hear and determine the couple’s divorce case. “The common law principle that the wife’s domicile is dependent on her husband continues to apply in Malaysia,” she said in allowing Khoo’s application.

Source: The Edge Malaysia Weekly, December 1 - 7, 2014.
http://www.theedgemarkets.com/my/articl ... 9s-divorce

[winston]

Is tycoon Khoo divesting his interest in asset-rich Malayan United Industries?

By: ISABELLE LAI, INTAN FARHANA ZAINUL

PETALING JAYA: Fresh investor interest in tycoon Tan Sri Khoo Kay Peng’s (pic) Malayan United Industries Bhd (MUI) and its listed subsidiaries has sparked speculation that he could be looking to divest his 47.7% stake in the asset-rich company.

MUI and its 66.5%-owned subsidiary Pan Malaysia Corp Bhd (PM Corp) were two of the top active counters traded on Bursa Malaysia yesterday – breaking out of its mundane trading pattern that the group is known for.

Beyond the excitement of the past few months where Khoo and the group had hogged the limelight for various reasons, all three counters have seen rather stagnant share price movement since 2002.

MUI’s shares have been trading at an average of 21.2 sen, PM Corp at 27 sen and MUI Properties at 22.8 sen from 2002 to 2014.

Yesterday, PM Corp’s share price rose 8.5 sen or 37.8% to close at 31 sen with 65.3 million shares traded. MUI closed up 0.5 sen or 1.7% to 29 sen with 90.7 million shares done.

Its 69.3%-owned MUI Properties Bhd also saw movement, closing up 1.5 sen or 4.1% to 38 sen yesterday.

A banker said that the shares were active because of expectations of a corporate exercise.

“It is possible that Khoo may sell his stake in MUI in light of the recent proposed disposal of Pan Malaysia Holdings Bhd (PM Holdings) which is the first divestment that the asset-heavy group has undertaken in a long while,” said the banker.

Last month MUI announced the sale of 69.2% or 642.7 million shares in PM Holdings to Datuk Dr Yu Kuan Chon, the major shareholder of YNH Property Bhd, for RM77.1mil.

The banker pointed out that although MUI had valuable assets, it was also laden with sizeable borrowings of RM 970.32mil.

MUI yesterday had a market capitalisation of RM 850mil. But the value of its crown jewel, the four-star Corus Hotel Hyde Park in London alone, is said to be £200mil (RM1.08bil). Apart from the property, MUI has a 35% stake in UK-listed Laura Ashley Plc that is worth £77.6mil (RM422.5mil) and a 94.52% interest in retail departmental store Metrojaya that has eight outlets in Malaysia.

“It’s no surprise that the stocks are chased up considering the intrinsic value is much higher,” said a broker.

As at Dec 31, 2013, the group’s total assets and total equity stood at RM2.1bil and RM1bil respectively.

MUI had told Bursa Malaysia that the disposal of PM Holdings to Dr Yu was expected to reduce its total borrowings to RM890.5mil from RM970.3mil as at Dec 31, 2013 and its gearing ratio to 1.09 from 1.25.

“Investors would be excited if fresh blood comes into the company, as it has been asset-rich but rudderless for a long time,” the broker commented on the possibility of MUI seeing a new controlling shareholder.

For the nine-month period ended Sept 30, MUI posted a net loss of RM3.1mil versus a net profit RM17.3mil a year earlier. Revenue for the period shrank to RM441.2mil from RM470.3mil in the previous corresponding period last year.

There have been reports that Dr Yu, who holds 1.3% or 38 million shares in MUI according to Bloomberg data, could be interested in increasing his stake but another source familiar with the matter said this was not true. In fact, Yu has pared down his stake, which was listed at a total of 1.53% in MUI’s 2013 annual report.

Khoo, who is currently embroiled in a high-profile divorce case with wife Pauline Chai, has a net asset value of £193mil (RM1.05bil), according to Forbes.

MUI owns and operates nine hotels and two restaurants in the United Kingdom and two hotels in Malaysia, most of which operate under the “Corus” brand.

Reports of a potential sale of the Corus Hotel Hyde Park in September stirred investor interest, with MUI, PM Corp and MUI Properties seeing their share prices peak on Sept 30.

However, they fell again when MUI denied the speculation on Oct 1, including reports that it had appointed real estate firm Debutesq Group to handle the sale.

Two months later, MUI announced the proposed disposal of its entire 69.19% stake in PM Holdings to Dr Yu, who is also YNH Property chairman, on Dec 12.

It said that around RM60mil of the proceeds would be used to repay its bank borrowings, adding that the disposal was in line with its strategy to divest non-core assets as well as reduce its bank borrowings.

Source: The Star

[winston]

Judge rejects ex-Miss Malaysia Pauline Chai's claim for $171,000 a month maintenance from hubby

A judge has rejected former Miss Malaysia Pauline Chai's (centre) claims for interim maintenance of £85,000 (S$171,000) a month from her estranged husband, Malaysian tycoon Khoo Kay Peng, reports said. -- PHOTO: THE STAR/ASIA NEWS NETWORK

LONDON - A judge has rejected a former Miss Malaysia's claims for interim maintenance of £85,000 (S$171,000) a month from her estranged husband, reports said.

Pauline Chai, 68, is seeking to divorce her husband of 45 years, Malaysian tycoon Khoo Kay Peng, 76.

She asked for the amount to cover "needs" including the cost of first-class flights, suites at five-star hotels and chauffeurs while the divorce case is being heard.

Dr Khoo's lawyers called the figure "staggering", The Telegraph reported.

Justice Roberts awarded Chai £45,000 a month instead. She rejected claims that Chai has been frugal since she separated from her husband.

Her lawyers said that Chai had to stop her physiotherapy treatment, and has stopped going on holidays.

She now cuts and dyes her own hair as she is unable to afford her hairdresser's fees of £450 a month. She also could not continue with her hobby of renovating doll houses, they said

"I am unable to accept the picture which she paints of a somewhat frugal existence. I view the sums claimed as being in excess of what she is likely to spend while she is so deeply enmeshed in this on-going litigation," The Daily Mail said, quoting Roberts.

Many details of the couple's lavish lifestyle have been made public since the case began.

They have luxury homes in Kuala Lumpur, Canada and Australia.

In Britain, they live in separate mansions at Rossway Park, a sprawling 405ha estate in Berkhamstead, Hertfordshire, guarded by Gurkhas and containing some llamas, alpacas and two man-made lakes.

The couple have been tussling over where the case should be heard - Britain or Malaysia.

Dr Khoo said he is based in Malaysia, while Chai claims that she was no longer living in Malaysia since 1980 and was residing in Britain now. She has Canadian and Australian citizenship, and has renounced her Malaysian citizenship.

If the divorce case is heard in Britain, she would be entitled to half of the fortune of Mr Khoo. The claim, if successful, could be Britain's largest divorce settlement.

A Malaysia court would divide matrimonial assets according to a spouse's contributions, either directly via payments or indirectly, by raising the children and taking care of the home.

Last October, Chai said in court that she kept 700 pairs of her 1,000 pairs of shoes in Hertfordshire, England, to support her claim that their divorce case should be heard in London.

Dr Khoo succeeded in getting the Malaysian court to hear divorce proceedings in November last year, contradicting a London court's earlier ruling that it could hear the case.

He is the chairman of Malayan United Industries (MUI), an investment holding company with substantial stakes in lifestyle brand Laura Ashley UK and the Corus group of hotels, 10 of which are in Britain.

His net worth is valued by Forbes at S$390 million as of February last year. The couple married in 1970 and have five children.

She has accused him of being violent, and "very controlling", rationing her food and forbidding her from leaving their house without his permission.

He has said she is a "very bad-tempered" woman, who has "never worked a day in her life".

http://www.straitstimes.com/lifestyle/m ... NEnFN.dpuf

[winston]

Pauline Chai — Not just a Malaysian billionaire’s estranged wife BY IDA LIM

KUALA LUMPUR, March 22 — Pauline Chai made the headlines in 1969 when she won the coveted Miss Malaysia title, but largely retreated from the limelight after her marriage a year later to Malaysian businessman Tan Sri Khoo Kay Peng.

Over four decades and five children later, Chai is back in the news as the estranged wife seeking half of her 76-year-old billionaire husband’s estimated fortune of at least £440 million (RM2.4 billion) in a high-profile divorce.

But Chai, who had given up her dreams and youth for the family she raised, wants to be known as more than the spouse of a wealthy business tycoon or a beauty pageant winner.

A happy childhood

Before she was known merely as a former beauty queen, Chai enjoyed a carefree and “happy childhood” with her four siblings, with much time spent outdoors and running around.

“I remember climbing trees to get coconuts and eating tamarinds off the ground,” the Ipoh-born 68-year-old told Malay Mail Online in an email interview.

“I enjoyed school and was voted the most courteous in school. I was probably known for being well-behaved as my parents raised us in a very strict manner,” said Chai, the youngest in a middle-class family which she said had “very devoted” parents.

Her father worked at a pharmacy while her mother was from a wealthy family that owned rubber estates before the Japanese Occupation in then-Malaya, she said.

In her final year in a Catholic convent secondary school, Chai said she went to the US as an exchange student before coming back to complete her Form 6 studies.

She was then poised to go to Australia to study law, but before she could begin her studies, she met Khoo and got married at the young age of 24.

Looking back, Chai concedes she would have led a more independent life if she had been able to pursue her further education.

“I have often regretted this and felt trapped and powerless. Because of this I would encourage my daughters to study and become independent so they wouldn’t end up in the situation of being completely dependent on a man,” she said.

Family first

Chai had joined the Miss Malaysia beauty pageant with an eye on travelling the world, but gave up on her dreams of doing so and instead “led a very home-oriented life” to look after her husband and children - giving birth to her first child at the age of 24.

All thoughts of getting a university degree were pushed aside as her responsibilities as a wife and mother became her “main focus”, Chai said, describing her “hands-on” efforts in raising her five children without the help of nannies since the youngest was 10 years old - including shuttling them to school and cooking daily.

“Being a homemaker, I put all my efforts in bringing up the children with values that my own parents had instilled in me. Today, I am very proud of all of them,” she said.

Chai said she never felt like a “trophy wife” to Khoo, noting that she deliberately retreated from the limelight after marriage and “kept the family very private, shielding the children from publicity”.

In her 44 years of marriage to Khoo, Chai hopped around continents, first making a “scary decision” to leave for Australia together with Khoo for the children’s education at around 30, before shifting to Canada about 10 years later and then to the UK - where Chai is currently based.

Having spent 38 years or half of her life abroad with her five children, Chai - who has a dual Australian and Canadian citizenship - said she has now “lost touch” with Malaysia.

“It is a beautiful country and I have many happy childhood memories here, but I have no ongoing connection here. I don’t have any intention of coming back to stay as I will be where my children are,” said Chai, whose five children between the ages of 27 to 43 now mostly reside in Canada or London.

A fresh start

Chai said she has been painted in an unkind manner by many despite being a “dutiful” wife and mother of five, as well as giving up her youth and chances of furthering her education and having a career for her family.

“But since the divorce, I have been portrayed simply as a tycoon’s wife or an ex-beauty queen in the media, and have even been called a gold-digger or an ungrateful wife, despite my contributions and sacrifices during 42 years of marriage.

“The reality today is women are still not treated as equals to men. It is sad that women are still expected to be in the shadow of and subservient to men. As a result, there are many women who find themselves in powerless situations,” she added.

Chai, who stands to gain as much as half of Khoo’s estimated wealth of a minimum £440 million in the UK courts, wants to start a charity for women and also for those suffering from autism with the divorce settlement.

“I am very passionate about the rights of women in such situations having come from an abusive marriage, and I also have a heart for people with autism as often they are left without options or a voice. I’d like to form a charity in the future focusing on these areas,” she said.

Chai said she believed this divorce — which came about after attempts to save the marriage failed — “represents a new start” and a chance for her to “move on”.

“I believe that good can still come out of this difficult situation, and I intend to spend the rest of my life helping people who have faced the struggles and heartache I’ve experienced,” she said.

In the protracted and high profile divorce battle, Chai wants the case to be heard in the UK courts — which recognises homemakers’ non-financial contributions to a couple’s wealth, while Khoo wants the divorce settlement to be decided in Malaysia where they were married.

Chai filed for divorce first in the UK in February 2013, with Khoo subsequently filing in Malaysia.

The UK courts then decided that the divorce should be heard there, while the Kuala Lumpur High Court contradicted that decision and has ruled in favour of divorce proceedings being heard here.

The actual divorce cases in both Malaysia and the UK have yet to start, as both Khoo and Chai are still appealing in both countries on which court is the best forum to hear and decide on their divorce case.

Source: Malay Mail

http://www.themalaymailonline.com/malay ... anged-wife

[winston]

Locked in battle with tycoon, former Miss Malaysia says never wanted divorce BY IDA LIM

KUALA LUMPUR, March 22 — It is a divorce billed as the battle between a billionaire and his former beauty queen wife.

At stake is half of Tan Sri Khoo Kay Peng’s estimated family fortune of at least £440 million (RM2.4 billion).

But ex-Miss Malaysia Pauline Chai said it is an experience she would rather not go through, calling the divorce from her husband of 44 years a difficult period in her life.

‘I never wanted to divorce’

Although marriage with Khoo was purportedly “difficult”, Chai told Malay Mail Online that divorce was not an option for her, citing her Catholic upbringing and her desire for her marriage to be for life.

“Though KP had been married once before and divorced, marriage to me was for life. My parents’ marriage lasted until they died and that is something I always wanted,” the 68-year-old Ipoh-born said in an email interview, adding that she knew she had to “stay strong and committed” to the marriage for the sake of her five children.

“I never wanted to divorce,” Chai said, but added that it eventually became untenable to continue the marriage after over forty years together with the now 76-year-old Khoo.

Chai said she had tried “very hard” to save their marriage, but efforts by various marriage counsellors failed to stop the divorce, saying: “We have tried to resolve our differences and tried to come to a mutual understanding for many years but it did not work out.”

Media spotlight, private life

Unprepared for the public airing of family affairs and intense media interest, Chai said she would have preferred an amicable and fair divorce settlement out of courts, saying that her family has always kept a “low profile” and “led a very private life”.

“I have always been a homebody and enjoy cooking and gardening and my life has always centred around the 5 children and their well-being. So it was completely shocking there’s been so much interest in the divorce,” she said.

“I am very proud of my children; they love and support one another. They’ve handled the stress and media attention with maturity and graciousness,” she said of her five children now aged between 27 and 43.

Chai takes “one day at a time” now, with her children and friends’ support helping her to stay strong through this difficult time, also citing her “faith in God” as helping her to cope with the stress from the divorce.

Chai said she has grown closer with her children as they grew up, saying: “Now we are very close and they have been my greatest source of encouragement and comfort during this divorce.”

Married life: A mother and wife

By Chai’s own accounts, she was a mother deeply involved in the raising of her five children largely on her own.

“I therefore had to take the role of mum and dad. It was difficult as I looked after the children without help from nannies since my youngest son was 10. I was a very hands-on mum, driving the kids to school and all their after-school lessons and sports. I would cook daily and I helped with their school fundraising,” she said.

Chai also related of how she took care of her husband, including cooking his favourite dishes, playing the type of music he likes on the piano, packing and unpacking his travel bags, meeting him at the door when he came home regardless of the hour at night.

She said she also provided round-the-clock care for him when he had a stroke.

On top of that, Chai said she chaired Laura Ashley’s Fashion Committee for several years when Khoo took over the fashion and home furnishings brand, also advising on the renovation and refurbishment of several Corus Hotels — a hotel chain owned by Khoo.

A fair share

Chai believes that she is merely seeking her “fair” share of the wealth built up during her 42 years of marriage with Khoo prior to seeking a divorce.

“I believe 50/50 is fair because we were partners in the marriage. Without me looking after the home, KP would not have been able to be so successful in his businesses. It’s hard for people to understand it’s a principle of fairness when there are large sums involved.

“We built our wealth up together and we should share it when we part. This equality between breadwinner and homemaker is the modern approach to finances on divorce and the one applied by the courts in England where I live,” the homemaker said, referring to the business tycoon by his initials.

Chai is seeking to have the divorce dispute decided by the UK courts - which recognises non-financial contributions from spouses and usually start with a 50/50 split, while Khoo wants the dispute settled in Malaysia, which typically gives a smaller share to wives as they are considered to have lower earning ability.

The UK courts decided in October 2014 that the divorce should be heard there, while the Kuala Lumpur High Court later contradicted that decision with its November 2014 ruling that Malaysia could hear the divorce.

The actual divorce cases in both Malaysia and the UK have yet to start, as both Khoo and Chai are still appealing in both countries on which court is the best forum to hear and decide on their divorce case.

Source: Malay Mail

http://www.themalaymailonline.com/malay ... ed-divorce