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16-07-2015, 10:00 AM
Hmm... more trouble for the Xpress Holding founder. The "truth" of a person, can only be revealed during adversity...
Xpress Holdings' KK Fong sued over loan
16 Jul 2015 09:00
By Selina Lum
A businessman agreed to lend $500,000 to the founder of listed printing company Xpress Holdings without having met him.
Mr Thong Soon Seng said he met Mr KK Fong for the first time when he handed over the cash - five stacks of $1,000 notes - at a meeting with three others present.
Mr Fong, 62, signed an agreement to repay the loan with interest at 13 per cent in the first month and 10 per cent in the second.
Now, Mr Thong, 50, is suing Mr Fong for repayment after four cheques issued by the latter bounced. Mr Fong does not deny taking the loan but says he received only $390,000. He contends the interest charged was so exorbitant that the deal is not legally enforceable.
...
Source: Straits Times
Xpress Holdings' KK Fong sued over loan
16 Jul 2015 09:00
By Selina Lum
A businessman agreed to lend $500,000 to the founder of listed printing company Xpress Holdings without having met him.
Mr Thong Soon Seng said he met Mr KK Fong for the first time when he handed over the cash - five stacks of $1,000 notes - at a meeting with three others present.
Mr Fong, 62, signed an agreement to repay the loan with interest at 13 per cent in the first month and 10 per cent in the second.
Now, Mr Thong, 50, is suing Mr Fong for repayment after four cheques issued by the latter bounced. Mr Fong does not deny taking the loan but says he received only $390,000. He contends the interest charged was so exorbitant that the deal is not legally enforceable.
...
Source: Straits Times
“夏则资皮，冬则资纱，旱则资船，水则资车” - 范蠡