SINGAPORE: A dramatic legal confrontation is unfolding in Singapore’s High Court as businessman Mr. Ren Xin Wu accuses two prominent figures in the Chinese media industry of failing to repay a staggering S$990,000 (approximately US$740,500) he provided to their now-defunct business, Homing Holdings.

Mr. Ren asserts that he advanced the funds as a non-interest bearing loan intended to boost working capital for Homing Holdings, which managed Mandarin-language educational and event-oriented services. Unfortunately, the business was forced into liquidation in January 2021 due to financial difficulties, amplifying the tension surrounding the case.

During Friday's court session on January 10, Mr. Ren's attorney challenged the legitimacy of a share transfer agreement executed between the defendants, Ms. Lee Kuan Fung—a former long-time reporter at Singapore Press Holdings’ Lianhe Zaobao—and Mr. Chua Chim Kang, a current executive at Mediacorp overseeing Chinese news operations. Their defense claims that Mr. Ren’s allegations are unfounded, as they question the existence of the promised repayment agreement.

Adding further complexity to the case, the legal representatives for Mr. Chua and Ms. Lee highlighted a worrying transaction in which Ms. Lee allegedly disbursed S$40,000 from Homing Holdings' accounts to a third party named Goldciti for consulting services, which some argue was a means to improperly manage company funds and evade creditors.

The liquidators of Homing Holdings have also directed a lawsuit against Ms. Lee, claiming a breach of her fiduciary duties as a director alongside Goldciti, positioning the saga as both a financial and ethical dilemma.

SHAREHOLDING DRAMA

Complicating matters further, court documents reveal that Mr. Ren held a 35% share in the company while both Ms. Lee and Mr. Chua held 30% and 35%, respectively. However, Mr. Chua claims he preferred to take a step back from daily operations, suggesting that Mr. Ren insisted on allocating him a significant share, which was ultimately retained by Ms. Lee, who also held a directorial role.

Eyewitness testimonies emerged when both Ms. Lee and Mr. Chua took the stand earlier in the week, discussing a share transfer arrangement from February 2018. Ms. Lee indicated that the transfer was initiated by Mr. Chua due to his new job at Mediacorp, stating that he ceased involvement in running Homing Holdings post-transfer. Mr. Ren, however, has voiced skepticism regarding the transfer's authenticity.

The court has also heard from Mr. Liow Beng Hui, a manager at one of Homing's subsidiaries, who confirmed witnessing the share transfer. Yet, discrepancies surfaced about the legitimacy of the signing process as Mr. Chua expressed uncertainty regarding the proper documentation of the transfer in Homing Holdings’ records.

As the trial progresses, even more allegations came to light, including Mr. Tan Hui Meng, a Goldciti manager, who asserted that Goldciti provided legitimate restructuring advice, despite claims from the plaintiffs that the services rendered were fabricated to justify the questionable payment.

This case not only highlights the precarious nature of business partnerships but also shines a light on accountability and ethical management in the corporate landscape. The trial is set to resume on January 21, and observers are keenly awaiting the outcome of this high-stakes dispute involving notable figures in the industry.

Stay tuned as we continue to cover this intricate saga that unravels the intertwining worlds of business and media!