Singapore Tycoon Sues Banks Over Australian Firm's Collapse
A Singaporean tycoon is seeking over $1 billion from several banks, alleging their involvement in the collapse of Australian satellite company NewSat. The lawsuit claims the banks contributed to the firm's downfall.
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Singapore tycoon sues banks for US$1 billion from collapse of Australian NewSat
In the early 2010s, a small Australian company tried to build a fleet of satellites before lenders, concerned about its chief executive officer’s flamboyant behaviour, pulled hundreds of millions of dollars of financing. The firm collapsed in 2015. More than a decade later, Singapore real estate tycoon Ching Chiat Kwong, who says he put US$100 million of his own money into NewSat, has not forgotten. The Supreme Court of Victoria begins hearing a case on Monday brought by the liquidators of th...
By Bloomberg
Read full article →Singapore tycoon seeks $1.27 billion from banks over collapsed Australian firm - The Straits Times
Singapore tycoon seeks $1.27 billion from banks over collapsed Australian firm The Straits Times
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