Al Futtaim-related entities loaned Robinsons S$159m to fund trading losses
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Entities related to the Al Futtaim group, the parent company of Robinsons, extended S$159.2 million in loans to Robinsons, a document by its liquidators showed, shedding more light on the beleaguered department store operator's state of affairs.
The document of frequently asked questions, uploaded to the liquidators' website on Dec 4, stated that RSH Holdings Pte Ltd and Robinson & Co Pte Ltd had loaned about S$90.3 million and S$68.2 million respectively to Robinson & Company (Singapore) Pte Ltd to fund its trading losses. Another S$756,550 in loans was provided by ALF Global Pte Ltd.
These companies are related to the Dubai-based Al Futtaim conglomerate, which is owned by Emirati tycoon Abdulla Al Futtaim and run by his son Omar, according to Forbes.
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