The Oxley Holdings founder claims that the lenders failed to honour loan agreements, preventing NewSat from building its satellites
Within the suit are allegations that the lenders failed to honour loan agreements, which prevented NewSat from paying contractors to build and launch a satellite, ultimately resulting in a loss of potential earnings.
Just how much was lost is contentious.
Ching, in an interview, has put the claim at around US$1 billion, based on an expert report, due to the lost opportunity to launch the original satellite and others planned for the future.
Source: News - South China Morning Post
