Law Equity & Trust Assignment, IIUM, Malaysia Leo Pedersen and Calvin Pedersen are brothers. In 2010, Leo left his job to set up Viking Oak Software Ltd
| University | INTERNATIONAL ISLAMIC UNIVERSITY MALAYSIA (IIUM) |
| Subject | Law Equity & Trust |
Leo Pedersen and Calvin Pedersen are brothers. In 2010, Leo left his job to set up Viking Oak Software Ltd. His company has grown into one of the top providers of cybersecurity solutions in England. Leo is the director and the majority shareholder, owning 100,000 shares. In 2012, his brother Calvin joined the company and became the owner of 50,000 shares.
In 2020, Leo was diagnosed with a medical condition expected to shorten his life expectancy dramatically. Having received the news, he decided to draft a will. He began thinking about who he wanted to benefit from his will. Beyond his close family members, Leo decided to benefit a few other people.
In particular, Leo thought back to the early days of Viking Oak Software Ltd. During its inception, his first employee, Lucy Wilson, had been instrumental in bringing in new clients helping the company to stay financially viable.
In 2016, Lucy and Calvin started a relationship that ended in 2019 when Calvin discovered that Lucy had been having an affair with another man. Despite this, Lucy had always been good to Leo, and so he wanted her to benefit from his will regardless of what had happened between Lucy and his brother. Nevertheless, Leo was adamant that Calvin was never to find out about Lucy benefitting from his will.
On 7th July 2020, Leo emailed his solicitor, Amran Khatun, suggesting a secret scheme that would allow Lucy to benefit without Calvin finding out.
On 20th July 2020, Leo executed a valid will.
On 27th February 2021, Calvin and Leo went out for lunch to discuss the future of Viking Oak Software Ltd. They agreed that Calvin would transfer 5,000 of his shares in the company to Jurgen Snow, who had agreed to become a company director. Calvin told Jurgen that he would arrange for the transfer shortly.
On 1st March 2021, Calvin executed a stock transfer form to transfer the 5,000 shares. He placed the transfer form and the share certificate in a drawer in his home office. He asked Leo to collect the documents and bring them to the company so Jurgen could be registered as the new owner of the shares. Leo promised to collect the documents in mid-March 2021 after the brothers’ business trip to Japan.
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