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daughter from the Wan Yang Chen family, also owned 18 percent of
Shin and worked as Henry's assistant. Otherwise, the Wan Yang
Chen family had not been involved in the operations of Shin.
Henry retired as Shin's general manager in 1982 and was
replaced by Stanley. Also, at the time of Henry's retirement,
Lily gave petitioner husband a 30-percent share of Shin. Until
mid-1986, petitioner husband and his immediate family owned 75
percent of Shin. Henry intended for Shin to be a family
business; Henry passed away on March 21, 1987. Petitioner
husband is the only one of Henry's children involved in operating
Shin. Petitioner husband has served on Shin's board of directors
since 1982 and has been its chairman since 1986. In 1986, the
only board members were petitioner husband, Lily, and Stanley.
During the years in issue, petitioner husband and his
immediate family (his mother Lily and his two full sisters) owned
slightly over 50 percent of Shin, and petitioner husband was
Shin's largest shareholder with 30 percent. In the late 1980's,
Lily gave 3 percent of Shin to Priscilla Tay (Priscilla),
petitioner wife's sister. Both Lily and Priscilla had lived with
individual petitioners for a number of years during the 1980's
and had developed a close relationship. Priscilla also worked
for Eastimpex from 1986 to 1988. During the years in issue, Lily
owned less than 3 percent of Shin.
Despite petitioner husband's 30-percent ownership, Shin has
not paid him a dividend since he became a shareholder. However,
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Last modified: May 25, 2011