Australian satellite company linked to tycoon Ching Chiat Kwong sues banks over withdrawn loans
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Yong Jun Yuan
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 , 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.
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