‘We will chase them down’: Debt collectors pursue claims exceeding $2m linked to Lao Huo Tang

Detailed summary

Debt collectors pursue more than $2m in alleged unpaid supplier claims linked to Lao Huo Tang Group in Singapore. Read more at straitstimes.com.

Debt recovery companies FDR Services and A.S.K Debt Recovery SG said they were separately pursuing claims amounting to more than $550,000 and close to $2 million respectively.

SINGAPORE – An unassuming mixed rice stall in Bedok Reservoir Road became the focus of debt collectors on a quiet afternoon on Nov 12, as they pursued unpaid claims from businesses linked to the Lao Huo Tang restaurant chain.

The visit to Le Xin Mixed Veg Rice was among a series of attempts by debt recovery agencies to recover unpaid invoices involving companies linked to Thomas Hong, the founder and chief executive of Lao Huo Tang Group.

Hong has held directorships in several food and beverage businesses. According to corporate records obtained by The Straits Times, he is currently listed as a director of companies such as Lao Huo Tang Investments, Lao Huo Tang Canton, Singapura Heritage Food Hall, Kenny Rogers Roasters and Le Xin Mixed Rice.

He is also a shareholder of Lao Huo Tang Investments and has previously served as a director of other food and beverage companies.

At the stall on Nov 12, debt collectors from FDR Services encountered an elderly man whom they believe to be Hong’s father.

The commercial debt retrieval agency said the man declined to assist with their attempts to recover payment and indicated that he would contact the police. The collectors subsequently left a notice at the premises.

Speaking to ST, FDR Services said it is pursuing claims totalling $550,795.58 on behalf of three suppliers, while another agency, A.S.K Debt Recovery, said it was handling claims approaching $2 million involving businesses associated with the restaurant group.

It is unclear whether the amounts being pursued by the two agencies overlap.

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