Hour Glass pair settle legal dispute out of court

High-profile former couple Henry Tay and Jannie Chan have settled a legal dispute out of court, after an intervention from a family friend.

The Hour Glass executive chairman and his ex-wife founded the luxury chain of jewellery stores in 1979, reported The Straits Times.

Dr Tay, 67, obtained an injunction in Dec last year preventing Ms Chan, 65, from signing cheques for a family company, TYC Investment.

Dr Tay also asked the court to order his former wife to return more than $3million to TYC Investment.

The high profile couple were synonymous with upmarket watch retailer The Hour Glass. They were married for 41 years, but were divorced in 2010.

Mrs Chan told The Straits Times that because of the conciliatory efforts of a friend, the pair decided to resolve things out of court.

She said: 'This is family. What I've built and invested in is for my family and for their future. It would become embarrassing for everyone if I were to put my affidavit in, and it becomes a story for everyone. Do I really want to do that?

'The business always comes second. When we do well in the business, we benefit the family, but if we do not have love, compassion and unity in the family, then what's the point?'

Ms Chan, who was well known for years by her married name Jannie Tay, explained that TYC Investment was set up when their children were still young, as a tool for estate planning.

The couple have three children, Audrey, 38, Michael, 36, and Sabrina, 31.

Ms Chan told The Straits Times she was so private in her divorce, that even her children and mother did not know about it.

Their divorce only came to light because it was mentioned in the court papers.

Ms Chan was focused on her new business, Hypha Holdings, under Save Our Planet Investments which focuses on biotechnology, wellness and the environment. She also started the Save Our Planet Foundation, which handles reforestation and environmental projects.

 candicec@sph.com.sg

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