Education firm directors who were declared bankrupt accuse creditors of conspiring to ruin them

FTMS Holdings operated and ran education and training campuses through subsidiaries such as FTMSGlobal Academy, associates and investments in 10 countries. PHOTO: FTMSGLOBAL ACADEMY
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SINGAPORE – Two directors of a private education company, who were declared bankrupt after they failed to pay millions to creditors stemming from personal guarantees for the firm’s loans, are accusing their creditors of being in a conspiracy to ruin them.

In their counterclaims, Mr Balbeer Singh Mangat and his wife Sirgit Gill are accusing Mr Jagdish Murli Chanrai, a high-net-worth individual and principal of the Kewalram Chanrai Group, of being the mastermind behind the alleged conspiracy which saw them taking up loans under onerous terms.

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