Singapore Tycoon Wants Banks to Pay US$1 Billion for Australian NewSat Collapse

Singapore tycoon wants banks to pay US$1 billion for Australian NewSat collapse

The suit claims that the lenders failed to honour loan agreements, preventing NewSat from building its satellites.

Singapore tycoon Ching Chiat Kwong seeks $1.27b from banks over collapsed Australian firm

A Singaporean tycoon is suing banks for $1.27 billion over the collapse of an Australian satellite firm, alleging they failed to honour loan agreements. Read more at straitstimes.com.

The NewSat Collapse Lawsuit , A Singapore Billionaire Is Asking Banks to Pay $1 Billion for Pulling Funding on an Australian Satellite That Never Launched

When the Jabiru-1 satellite for NewSat was being built at Lockheed Martin’s Sunnyvale, California plant in the early 2010s, the project appeared to be the start of something truly important. This little Australian company was created in 1987, relisted, reimagined, and now pursuing an audacious goal: launching Australia’s first commercial Ka-band satellite into orbit. The funding was available. The US Export-Import Bank, Standard Chartered, Credi…

Singapore tycoon seeks US$1 billion from banks over collapsed firm

More than a decade later, Ching Chiat Kwong, who says he put US$100 million of his own money into NewSat, has not forgotten