princess_morbucks
14-01-14, 08:57
http://www.stasiareport.com/the-big-story/asia-report/singapore/story/spore-entrepreneur-two-others-told-pay-72m-anz-over-bank-d
WELL-KNOWN local entrepreneur Jannie Chan and two others have been ordered by the High Court to pay some US$5.7 million (S$7.2 million) over bank facility defaults by a Timor Leste company which they had underwritten.
The Australia & New Zealand Banking Group (ANZ) sought to recover the sums from Ms Chan, Mr Tan Tjo Tek and Dili-based Bobby Lay Ni Sing, all of whom were directors of Timor Global, a coffee plantation and trading company in Timor Leste. Mr Tan ceased to be director in June last year.
Formerly known as East Timor and occupied by Indonesia, Timor Leste became a sovereign nation in 2002. It has struggled to develop its economy, registering some growth in recent years.
Ms Chan is co-founder and executive vice-chairman of The Hour Glass, a luxury watch retailer with 24 boutiques in eight cities in the Asia-Pacific.
WELL-KNOWN local entrepreneur Jannie Chan and two others have been ordered by the High Court to pay some US$5.7 million (S$7.2 million) over bank facility defaults by a Timor Leste company which they had underwritten.
The Australia & New Zealand Banking Group (ANZ) sought to recover the sums from Ms Chan, Mr Tan Tjo Tek and Dili-based Bobby Lay Ni Sing, all of whom were directors of Timor Global, a coffee plantation and trading company in Timor Leste. Mr Tan ceased to be director in June last year.
Formerly known as East Timor and occupied by Indonesia, Timor Leste became a sovereign nation in 2002. It has struggled to develop its economy, registering some growth in recent years.
Ms Chan is co-founder and executive vice-chairman of The Hour Glass, a luxury watch retailer with 24 boutiques in eight cities in the Asia-Pacific.