Singapore Tycoon Seeks $1 Billion From Banks for Firm’s Flop

In the early 2010s, a small Australian company tried to build a fleet of satellites before lenders, concerned about its chief executive officer’s flamboyant behavior, pulled hundreds of millions of dollars of financing. The firm collapsed in 2015.

More than a decade later, Singapore real estate tycoon Ching Chiat Kwong, who says he put $100 million of his own money into NewSat Ltd., has not forgotten. The Supreme Court of Victoria began hearing a case on Monday brought by the liquidators of the company against lenders Societe Generale SA, Credit Suisse — now owned by UBS Group AG — and Standard Chartered Plc, as well as credit insurers Export-Import Bank of the United States, and Coface of France.