In 2013, Ching invested US$60 million in NewSat for a 30% equity stake. Among the financing banks and financial institutions were the Export-Import Bank of the United Staties, credit insurer Compagnie Française d'Assurance pour le Commerce Extérieur (Coface), and Standard Chartered Bank. According to the Australian Financial Review (AFR), other lenders included Credit Suisse, and in total, NewSat raised US$600 million. NewSat was listed on the ASX and is now suspended.
Ching Chiat Kwong, executive chairman of Oxley Holdings (SGX:5UX
) , is embroiled in a court case in Australia, funding a suit claiming damages of US$5 billion from the financing banks and credit insurer over a failed satellite company, NewSat. The hearing is on July 7.
Back in 2011, the Australian satellite company, NewSat, had agreed to have a satellite, Jabiru-1, delivered to it and ready for launch from French Guyana in May 2016. The total cost for development and launch was estimated at US$600 million.
