Australian satellite company linked to tycoon Ching Chiat Kwong sues banks over withdrawn loans
AN Australian satellite communications provider linked to Singaporean businessman Ching Chiat Kwong is suing five financial institutions in Australia for withdrawing critical funding for the business.
The Business Times (BT) understands that Ching, who runs property developer Oxley : 5UX 0%, invested north of S$70 million in his personal capacity into NewSat Group, one of the plaintiffs. NewSat has since been placed under liquidation amid funding difficulties.
Ching is not a party in the suit. However, BT understands from sources familiar with the case that Ching has committed between S$7 million and S$8 million of the costs of the lawsuit, and that he is prepared to spend between S$15 million and S$20 million to see the case through.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
BlackRock, Citadel reap billion-dollar deals from Australia fund
Credit Suisse faces 50 billion won South Korea short-sale fine
Nvidia supplier SK Hynix says HBM chips almost sold out for 2025
Jim Beam owner bets on canned vodka cocktails to double revenue
Hot stock: Nio climbs about 19.8% on stronger vehicle delivery performance
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO