Businessman's suit against 2 news veterans to recover $990k dismissed

Judge points out agreement specified that loan to firm was on a 'no guarantee' basis

- Selina Lum

A businessman who sued two Chinese news veterans, seeking repayment of a $990,000 loan he had given to a company that was set up to teach Mandarin in Singapore, has lost his case.

Mr Ren Xin Wu, a Canadian citizen originally from China, had entered into an agreement with Mr Chua Chim Kang and Ms Lee Kuan Fung over a company called Homing Holdings.

He had agreed to invest $10,000 in the company, and also agreed to provide an interest-free loan of $990,000 to the company as working capital for a term of three years.

Mr Chua joined Mediacorp in 2018 as the head and chief editor of its Chinese news and current affairs units. The broadcaster announced his departure on Feb 12, 2025.

Before that, he was with the former Singapore Press Holdings for 18 years and last served as chief editor of the now-defunct evening daily Lianhe Wanbao.

Ms Lee used to head the Chinese media digital strategy department at the former Singapore Press Holdings. She is now a freelancer.

In a written judgment on April 9, the High Court said the agreement signed by the trio did not impose a duty on Mr Chua and Ms Lee to get Homing to repay the loan.

Judicial Commissioner Mohamed Faizal rejected Mr Ren's argument that the agreement contained an implied term for Mr Chua and Ms Lee to "procure" repayment.

Instead, the judge pointed out, the agreement specifically stated that the loan was on a "no guarantee" basis.