Sin Hua Bank sues Rhine in $6.3m claim

Sin Hua Bank has commenced two separate legal proceedings against Rhine Holdings and its wholly owned subsidiary, Rhine Jewellery, to claim a total of about $6.35 million. On June 17, Sin Hua Bank sued the company for $676,015 it claimed was payable by the company under an undertaking for repayment of overdraft dated May 31, 1996. On the same day, the bank sued Rhine Jewellery for approximately $5.68 million under an agreement of pledge dated July 19, 1996. The company is now seeking legal advice.