Ex-billionaire Sit Kwong Lam loses bankruptcy appeal in Hong Kong
Claim that $41 million debt he underwrote was covered by arbitration clause rejected
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Dr Sit Kwong Lam had signed a personal guarantee in April last year for Brightoil Petroleum Singapore to pay US$30,253,600 owed to Petrolimex Singapore.
PHOTO: BRIGHTOIL
A former billionaire, who made headlines in 2017 for taking the management committee of Ardmore Park condominium to court over the facade of his penthouse, has lost his bankruptcy appeal in Hong Kong.
A three-judge Court of Appeal in Hong Kong rejected Dr Sit Kwong Lam's claim that the bankruptcy should have been stayed or dismissed as the US$30 million (S$41 million) debt he underwrote was covered by an arbitration clause.