Chinese News Veterans Accused of Sham Transaction in Lawsuit
SINGAPORE – In a gripping legal battle, Chinese businessman Mr. Ren Xin Wu is taking two prominent Chinese news veterans to court over a controversial S$990,000 share transfer that has raised questions about the authenticity of the transaction. The lawsuit alleges that former Singapore Press Holdings (SPH) daily Lianhe Zaobao veteran, Ms. Lee Kuan Fung, and current head of Mediacorp’s Chinese news team, Mr. Chua Chim Kang, received funds from Mr. Ren for a failed Mandarin-language business called Homing Holdings, which was later ordered to wind up.
Disputed Share Transfer and Allegations of Misconduct
The heart of the dispute lies in a supposed interest-free loan of S$990,000 given by Mr. Ren to Ms. Lee and Mr. Chua as working capital for Homing Holdings. However, conflicting claims have emerged regarding the existence of an agreement to repay the loan. Additionally, allegations have surfaced that funds from Homing Holdings were funneled out through a questionable transaction to Goldciti, a third-party company, allegedly to avoid paying creditors, leading to accusations of misconduct against Ms. Lee.
Testimonies and Inconsistencies
Throughout the civil trial, testimonies have been presented that shed light on the dynamics within Homing Holdings and the actions taken by the involved parties. Witness accounts, such as that of Mr. Liow Beng Hui, who testified about the share transfer agreement signed by Ms. Lee and Mr. Chua, offer valuable insights into the events that transpired. However, discrepancies in the testimonies and lack of documentary evidence have further complicated the case, leaving crucial questions unanswered.
Looking Ahead
As the trial unfolds and more details come to light, the intricate web of relationships and transactions surrounding Homing Holdings continues to intrigue and perplex. With the legal battle set to resume on Jan 21, the outcome remains uncertain, leaving both the plaintiffs and defendants on edge as they await a resolution to this complex and contentious dispute. Stay tuned for updates as the case progresses and new revelations emerge, shaping the narrative of this high-profile lawsuit.