Businessman loses S$26m in gambling

A Singaporean, who lost S$26 million (Dh70.11m) in a three-day gambling spree at a casino, is one of the island nation’s biggest seafood distributors.

Henry Quek plans to sue the casino in Resorts World Sentosa for loaning him the huge amount without checking its financial position, reports ‘Straits Times’.

The managing director of Far Ocean Sea Products, in his 50s, is also the president of Seafood Industries Association Singapore.

Quek was loaned S$500,000 for gambling by the casino in March and the loan was later increased to S$2m the following month.

He claims to have also lost the winning amount of a few thousand dollars in each gambling session and once he hit S$6m, he still managed to get a loan by filling up an application form. It was only when the losses exceeded S$4m, Quek’s girlfriend begged the casino not to lend him more money. But in spite of that, the casino staff told him he could continue taking loans though he exceeded the credit limit.

Meanwhile, the casino spokesperson said the company could not comment on their customers, reported 'Straits Times'.