News @ AsiaOne

Man who lost S$26mil gambling is head of seafood business

He plans to sue a Resorts World for loaning him a huge sum of money to gamble without first checking his financial position. -AsiaOne

Sat, Aug 21, 2010

A RICH Singaporean man, who lost S$26mil in a three-day gambling spree at the casino in Resorts World Sentosa (RWS), helms one of Singapore's biggest seafood distributors.

Mr Henry Quek plans to sue a world-renowned casino for loaning him a huge sum of money to gamble without first checking his financial position, reported China Press.

The Straits Times reported that Mr Quek is the managing director of Far Ocean Sea Products, a seafood processing and trading company operating out of Fishery Port Road in Jurong.

The businessman, who is in his 50s, is also the president of the Seafood Industries Association Singapore, a group which comprises local companies that process, manufacture and trade in seafood.

The youngest son in his family, Mr Quek started out managing Kiang Huat Sea Products, a seafood auctioning business set up by his father in 1980.

In the 1990s, the company merged with Far Ocean, also set up by his father, and grew over the years into a multi-million dollar business.

It exports seafood from squid to swordfish to restaurants, food factories and wholesalers around the world.

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The company also added food processing and meat products distribution to its portfolio in recent years.

According to a legal document, Mr Quek was loaned S$500,000 for gambling by the casino in March and the loan was later increased to S$2mil the following month.

He also claimed that he had experienced losing and winning money amounting to a few hundred thousand dollars in each gambling session and once it reached as high as S$6mil and yet he could still get a loan by just filling up an application form.

When his losses exceeded S$4mil, the businessman said his girlfriend cried and begged the casino not to loan him any more money.

In spite of that, the casino staff told him that he could continue getting loans although he had exceeded the credit limit.

A spokesman of the casino said the company could not comment on their customers.

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