SINGAPORE, April 20 — A long-running dispute over the collapse of an ambitious satellite venture is set to return to the spotlight, as a court in Australia hears claims that...
Singapore businessman Ching Chiat Kwong is pursuing claims tied to the collapse of satellite firm NewSat, with hearings beginning in Australia. — Picture via www.thkmc.org.sg! Plus, enjoy an additional FREE RM10 when you sign up using code VERSAMM10 with a min.
cash-in of RM100 today. T&Cs apply.SINGAPORE, April 20 — A long-running dispute over the collapse of an ambitious satellite venture is set to return to the spotlight, as a court in Australia hears claims that global lenders derailed a project once billed as a breakthrough for the country’s space industry. According to Bloomberg, Singapore property tycoon Ching Chiat Kwong is backing a case brought by liquidators of NewSat Ltd, an Australian company that folded in 2015 after losing crucial financing. Hearings are due to begin at the Supreme Court of Victoria. The lawsuit targets lenders including Société Générale, Credit Suisse — now owned by UBS Group AG — and Standard Chartered, alongside insurers such as the Export-Import Bank of the United States and Coface. At the heart of the case are allegations that lenders failed to honour loan agreements, preventing NewSat from paying contractors to build and launch a satellite — ultimately scuttling what could have been Australia’s first independently owned satellite programme. Ching, who said he invested US$100 million of his own money, estimates losses at about US$1 billion based on missed opportunities.The lenders have pushed back, arguing they were justified in withdrawing funding due to concerns over governance at the company, led by founder Adrian Ballintine. In court filings, the allegations against them were described as “vague and embarrassing” and liable to be struck out. Ballintine has rejected criticism of his conduct, saying: “I totally reject his comments about appalling corporate behaviour and that I used the company to fund my lifestyle.”“When you are in industry or you want to sell services, you are like a salesman,” he said. “What is a couple of thousand dollars or first-class ticket or private jet to sell what you have and get in hundreds of million dollars of sales?” A notable element of the dispute involves a document linked to Emmanuel Macron, who at the time oversaw Coface.The case marks the latest twist in a saga that has stretched more than a decade, intertwining high-stakes finance, corporate governance disputes and one entrepreneur’s attempt to revive a failed space dream through the courts.
Newsat Ltd Ching Chiat Kwong Supreme Court Of Victoria Adrian Ballintine Emmanuel Macron
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