$4.81 Billion NewSat Liquidators vs. Global Lenders Breach of Contract Lawsuit, Full Case Breakdown

This article covers an active lawsuit currently in trial. Information is based on confirmed court filings and verified reporting. This page will be updated as the case develops.

The liquidators of NewSat Ltd. brought this case against a group of global lenders and credit insurers, alleging that financing agreements were not honored, which may have prevented NewSat from paying contractors needed to build and launch a satellite. The case is now being heard in the Supreme Court of Victoria, with defendants including Societe Generale, Credit Suisse (now owned by UBS), Standard Chartered, the Export-Import Bank of the United States, and France’s Coface. The damages asserted by the claimants reach as high as $4,810,000,000.

Quick Facts

Field	Detail
Plaintiff	Liquidators of NewSat Ltd. (In Liquidation) and Jabiru Satellite Ltd. (In Liquidation)
Defendants	Societe Generale; Credit Suisse (now UBS Group); Standard Chartered; Export-Import Bank of the United States (EXIM Bank); Coface (France)
Case Type	Breach of Contract / Business Dispute
Court	Supreme Court of Victoria, Commercial Court, Melbourne, Australia
Case Number	S ECI 2020 02631 (Supreme Court of Victoria)
Date Filed	TBD — exact original filing date not confirmed in available public records; litigation funding deed approved by Federal Court of Australia in December 2022
Legal Claim	Breach of contract; compensation under Section 12GF of the Australian Securities and Investments Commission Act and Section 236 of the Australian Consumer Law
Damages Sought	Up to $4,810,000,000 (contested; plaintiff’s own expert estimates approximately $1,000,000,000)
Current Stage	Active — trial commenced before Supreme Court of Victoria, April 2026
Next Scheduled Date	TBD — trial is ongoing; no confirmed next hearing date available in public record at time of publication
Attorneys of Record	TBD — counsel of record not confirmed in available public sources
Last Updated	April 22, 2026

Case Timeline

Date	Event
April 17, 2015	Receiver managers appointed to NewSat Ltd.
August 7, 2015	NewSat Ltd. enters liquidation
2020	Proceedings filed in Supreme Court of Victoria (Case No. S ECI 2020 02631)
December 2022	Federal Court of Australia approves liquidator’s litigation funding deed (Federal Court: Livingstone, in the matter of NewSat Ltd (in liq) [2022] FCA 1559)
July 7, 2023	Key directions hearing held
April 21, 2026	Trial commences before Supreme Court of Victoria

What Is the NewSat Liquidators vs. Global Lenders Lawsuit About? Livingstone & Ors v Societe Generale & Ors, No. S ECI 2020 02631

The plaintiffs claim damages and costs for breach of contract, along with compensation under Section 12GF of the Australian Securities and Investments Commission Act and Section 236 of the Australian Consumer Law. In plain terms, these provisions allow a party harmed by misleading or deceptive conduct in a financial services context to seek monetary compensation from the responsible institution.

At the heart of the dispute are allegations that the lenders failed to honor loan agreements, depriving NewSat of crucial financing needed to pay contractors building and launching a satellite. According to the plaintiffs, this destroyed the company’s chance to launch Australia’s first independently owned satellite and cost it future earnings.

The case is being heard in the Commercial Court division of the Supreme Court of Victoria, which handles complex commercial disputes of this scale. In pre-trial proceedings, this case was described as potentially the biggest matter the Victorian Supreme Court has ever heard. The legal question at the center of the trial is whether the defendants’ withdrawal of funding constituted a breach of their contractual obligations and, if so, what damages flow from that breach.

Who Are the Parties Involved?

NewSat Ltd. was an Australian satellite communications company formerly listed on the Australian Securities Exchange. Its founder, Adrian Ballintine, had a talent for pitching ideas. He recruited Steve Vizard to the board, brought in former prime minister Bob Hawke as a consultant, and persuaded reputable financial institutions on two continents to fund the development and launch of a communications satellite. The company went into receivership in April 2015 and into liquidation in August 2015. The lawsuit is prosecuted by Glenn Ian Livingstone, the court-appointed liquidator, on behalf of the company’s estate.

Ching Chiat Kwong is a Singapore-based real estate tycoon and the founder of Oxley Holdings. Ching says he put $100,000,000 of his own money into NewSat. He is a key financial backer of the litigation and a central figure driving the case forward. His personal estimate of the losses differs from the broadest damages figure asserted in the proceedings.

The defendant lenders include Societe Generale, Standard Chartered, and Credit Suisse — which has since been acquired by UBS — along with the Export-Import Bank of the United States (EXIM Bank) and Compagnie Française d’Assurance pour le Commerce Extérieur (Coface), which acted as an official export credit insurance agency.

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What Is at Stake in This Lawsuit?

The plaintiffs are asking the Supreme Court of Victoria to hold the defendant lenders liable for the financial losses caused, according to the complaint, by their withdrawal of financing. The claim centers on whether that withdrawal of funding may have prevented NewSat from paying contractors, ultimately disrupting the effort to build and launch what was intended to be Australia’s first independently owned satellite.

While Ching estimates losses at around $1,000,000,000, Standard Chartered has stated that the claimants asserted damages of up to $4,810,000,000. The gap between these figures reflects a contested expert dispute over how lost satellite launch opportunities and future expansion plans should be valued.

Defense materials cite internal concerns about founder Adrian Ballintine’s conduct, including a 2014 email from a consultant criticizing corporate behavior and questioning the company’s viability under his leadership. Ballintine has rejected those accusations, while Ching has suggested such concerns may have been overstated, framing certain spending practices as part of pursuing large-scale commercial deals.

What Happens Next in This Case?

The trial before the Supreme Court of Victoria commenced on April 21, 2026, and is currently ongoing. Given the scale of the claims and the number of defendants, the trial is expected to run for a considerable period. The next confirmed hearing date is TBD — the trial schedule beyond the opening week has not been publicly confirmed at the time of publication.

A key document in the evidentiary record reportedly bears the signature of Emmanuel Macron, who was France’s economy minister at the time and later approved Coface’s decision to stop funding. How the court weighs that evidence — and the competing expert valuations of damages — will be central to the outcome.

A verdict is not expected in the near term. Complex commercial trials of this nature in the Victorian Supreme Court often proceed over many months before a judgment is delivered.

Frequently Asked Questions

1. Who filed this lawsuit and why?

 The liquidators of NewSat Ltd., backed by investor Ching Chiat Kwong, filed this lawsuit in the Supreme Court of Victoria (Case No. S ECI 2020 02631). According to the complaint, the defendants withdrew financing that NewSat needed to pay contractors and complete a satellite launch, causing the company’s collapse.

2. What court is handling this case?

 The case is being heard in the Commercial Court division of the Supreme Court of Victoria, Melbourne, Australia. The trial commenced on April 21, 2026.

3. What is the current status of the case? 

The case is in active trial as of April 2026. It commenced in the Supreme Court of Victoria in April 2026 after years of pre-trial proceedings, including a Federal Court funding approval in December 2022.

4. How much is the plaintiff seeking in damages? 

The claimants assert damages of up to $4,810,000,000, according to statements made by Standard Chartered in court. However, Ching Chiat Kwong has stated his estimate of losses is approximately $1,000,000,000, based on an expert report tied to missed satellite launches and future expansion plans.

5. Can I read the court documents? 

The Supreme Court of Victoria case bears reference number S ECI 2020 02631. Certain related Federal Court documents are accessible via the Federal Court of Australia at judgments.fedcourt.gov.au (Livingstone, in the matter of NewSat Ltd (in liq) [2022] FCA 1559). Some materials in this case are subject to confidentiality orders.

6. What was the contract dispute about?

 According to the complaint, the defendants agreed to provide financing for NewSat’s satellite development program. The plaintiffs allege the defendants then failed to honor those loan agreements, depriving NewSat of funds needed to pay contractors and proceed with the satellite build and launch.

7. Who are the defendant banks and institutions? 

The five defendants are Societe Generale (France), Credit Suisse/UBS (Switzerland), Standard Chartered (UK), the Export-Import Bank of the United States (U.S. government agency), and Coface (French export credit insurer). Each is alleged to have participated in the financing arrangement that the plaintiffs claim was wrongfully withdrawn.

8. Did NewSat’s founder face separate legal proceedings? 

Yes — separately from this civil lawsuit, the Australian Securities and Investments Commission (ASIC) brought criminal charges against former NewSat CEO Adrian Ballintine, alleging he authorized the creation of false invoices between 2012 and 2015. Those proceedings were handled in the County Court of Victoria and are distinct from the current civil damages trial.

Sources & References

• Federal Court of Australia — Livingstone, in the matter of NewSat Ltd (in liq) [2022] FCA 1559: https://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2022/2022fca1559
• ASIC Media Release 18-280MR — Former CEO of NewSat Limited committed to stand trial: https://asic.gov.au/about-asic/news-centre/find-a-media-release/2018-releases/18-280mr-former-ceo-of-newsat-limited-committed-to-stand-trial
• South China Morning Post, April 20, 2026: https://www.scmp.com/news/asia/australasia/article/3350663/singapore-tycoon-sues-banks-us1-billion-collapse-australian-newsat

Prepared by the AllAboutLawyer.com Editorial Team and reviewed for factual accuracy against official court records and verified public sources on April 22, 2026. Last Updated: April 22, 2026

Disclaimer: This article is for informational purposes only and does not constitute legal advice. Information about ongoing or concluded legal cases is based on publicly available court records and verified reporting. Allegations described in this article have not necessarily been proven in court. For advice regarding a particular legal situation, consult a qualified attorney.