Embedded Files
Valuation: Discount for Lack of Marketability (DLOM)
"The Judge [noted] that Ms Yak was well-qualified, and that the reports by GAO Advisors were sufficient (GD at [49])"
"We accept that GAO Advisors had sound reasons not to apply a DLOM. GAO Advisors’ valuation of JJ was a fair one and a considerably conservative estimate."
Appellate Division of the High Court — Civil Appeal No 68 of 2022
Debbie Ong Siew Ling JAD, Valerie Thean J, Andre Maniam J
Expert Credentials: Corporate Finance Experience
"Ms Yak is a court-appointed expert and she is eminently qualified with impressive credentials which included corporate finance experience at JP Morgan and UBS Investment Bank. Ms Yak has also appeared in our courts as an expert witness. The court should take and therefore only took, into consideration Gao’s reports and valuations."
General Division of the High Court (Family Division) — Divorce (Transferred) No 1870 of 2017
Lai Siu Chiu SJ
Asset Management: Code of Conduct
"Ms. Yak Chau Wei, the expert witness called by the SFC, testified that the United Kingdom Financial Conduct Authority in 2015 had published a paper titled “Asset Management Firms and the Risk of Market Abuse” which spoke of there being a lack of effective policies in many asset management firms to identify unintentional inside information being received in the course of the investment process."
" At this juncture, it should be noted that the expert witness called by the SFC, Ms.Yak Chau Wei, did not agree with the evidence of Colin Knight that it was common practice for a fund manager to hedge his anticipated exposure to a likely (but not certain) block trade"
Christopher James Aarons v Securities and Futures Commission (SFC)
In the Securities and Futures Appeals Tribunal
Valuation of Damages: Extrapolation Methodology
"Yak then considered two methods to arrive at the value in October 2017...
The first method was a univariate projection of the membership price in October 2017, based on past transactions since October 2002...
The second method was to extrapolate the price of membership in the Club using a social club index..."
"I accept Yak’s evidence that there is no diminution in the value of the plaintiffs’ memberships in the Club at 30SR as at October 2017 compared to the value of their memberships in the Club at Laguna. I find that Yak’s approach is reasonable and logical. Further, the plaintiffs have offered no evidence for such diminution in value of the plaintiffs’ memberships."
Meow Moy Lan and others v Exklusiv Resorts Pte Ltd and another [2021] SGHC 155
General Division of the High Court — Suit No 756 of 2019
Chua Lee Ming J
Valuation: Court-appointed Witness for Company Property Valuation
"the Court Expert had also taken on board the views of the Wife’s expert where he agreed with them, but not others where he disagreed"
"The Court Expert has explained in the report the reasons behind why and how he arrived at the valuation of the Company Property at $6.4 million, and how he treated the various cash advances the Husband made
to the company"
"I find that the Court Expert has adequately explained how he arrived at the valuation and I agree with the Court Expert’s valuation."
High Court (Family Division) — Divorce (Transferred) No 5269 of 2011
Tan Puay Boon JC
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