Singaporean real estate tycoon Ching Chiat Kwong is suing several banks regarding the 2015 collapse of Australian NewSat. The lawsuit alleges the institutions contributed to the loss, following the company's inability to secure necessary financing.

In the early 2010s, a small Australian company tried to build a fleet of satellites before lenders, concerned about its chief executive officer’s flamboyant behaviour, pulled hundreds of millions of dollars of financing. The firm collapsed in 2015. More than a decade later, Singapore real estate tycoon Ching Chiat Kwong, who says he put US$100 million of his own money into NewSat, has not forgotten. The Supreme Court of Victoria begins hearing a case on Monday brought by the liquidators of the.....