Rhine Holdings loan in doubt

Jewellery-maker Rhine Holdings said a $27.7 million loan by a firm connected with chairman Wang Mingqiang became uncertain as Mr Wang failed to complete a share placement. The company said Mr Wang failed to settle the balance of $11.2 million of a $25 million share purchase from executive director David Chui Fat-chuen last Friday. As Mr Chui was seeking legal advice on possible action, the loan was in doubt.