A JAPANESE businessman based in Singapore has been ordered by the High Court here to pay more than 830 million yen (S$13 million) to a Japanese company dealing in facial equipment.
Mr Akihiko Matsumura, 53, had stood as guarantor in 1991 for Tosho, a firm dealing in facial equipment and cosmetics, in its joint venture with Brother Sales, which sells sewing machines and other products.
The two companies entered into a joint business venture in 1990 and formed Bellezza Club Japan (BCJ) to sell facial equipment. Tosho borrowed a sum of 3 billion yen from BCJ in 1991, which was partly settled by instalments.
Read the full report in Tuesday's edition of The Straits Times.
