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Education firm directors who were declared bankrupt accuse creditors of conspiring to ruin them
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FTMS Holdings operated and ran education and training campuses through subsidiaries such as FTMSGlobal Academy, associates and investments in 10 countries.
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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.
