The Edition


Singapore High Court fines local businessman USD12K for contempt of court

13 November 2017, MVT 16:06
Ahmed Nashid pictured at a ceremony. FILE PHOTO/MIHAARU
13 November 2017, MVT 16:06

Komandoo constituency MP Ahmed "ADK Nashid" Nashid has been fined USD 12,000 by the High Court of Singapore for contempt of court due to a breach of court summons.

Singapore newspapers reported that Nashid was fined for failing to attend a debt hearing held over a USD 1.5 million loan ADK Travels acquired in 2011 from the Singapore based investment company Fomento Associated Singapore Holdings. Nashid had acted as a personal guarantor for the USD 1.5 million loan.

MP Nashid was also fined by the same court in 2015 for failing to attend a hearing.

Singapore High Court had ruled that ADK Travels has to repay the loan issued by Fomento Associated Singapore Holdings. Fomento filed the case at the Singapore High Court to asses and determine if any assets could be used to recover the debt.

The Straits Times also wrote that Nashid had failed to attend a hearing in July for the contempt case and had later apologized to the court, claiming he had had prior parliamentary and political duties. Taking his arguments in to consideration, the court had rescheduled the hearing for November 6. However, on Monday last week, Nashid’s defence team requested that the contempt case be dismissed with a small fine or stern warning.

But the judicial commissioner had found the ADK group head guilty and held that his breach of court summons was deliberate.

The case filed by Fomento to recover the USD 1.5 million loan is set to continue in the Singapore High Court this December. Due to default of payments, the loan has amassed to over USD 2 million as interest over the last six years.