<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>Ex-NMP bounces back after setback
</TR><!-- headline one : end --><TR>Made bankrupt in 2003, Chia Shi Teck is now chairman of Billy Bombers diner chain </TR><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Mavis Toh
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Mr Chia, a Nominated MP for two years, almost ran for president in 1993. -- ST PHOTO: SAMUEL HE
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<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->He wants to bounce back as a comeback kid in the business arena although he speaks wistfully about politics.
After all, Mr Chia Shi Teck, 61, had been a Nominated Member of Parliament for two years.
<TABLE width=200 align=left valign="top"><TBODY><TR><TD class=padr8><!-- Vodcast --><!-- Background Story --><STYLE type=text/css> #related .quote {background-color:#E7F7FF; padding:8px;margin:0px 0px 5px 0px;} #related .quote .headline {font-family: Verdana, Arial, Helvetica, sans-serif; font-size:10px;font-weight:bold; border-bottom:3px double #007BFF; color:#036; text-transform:uppercase; padding-bottom:5px;} #related .quote .text {font-size:11px;color:#036;padding:5px 0px;} </STYLE>Taking the lead
'I learnt that you're very much on your own. Whether you want to get out of it, it all depends on yourself.'
MR CHIA SHI TECK, on the lesson he has learnt from his business downfall Help entrepreneurs
'Entrepreneurs build up not just dollars and cents but skills, networks and knowledge worth a lot of money. We should help them before they are made bankrupt.'
MR CHIA
</TD></TR></TBODY></TABLE>He stood as an independent candidate in the 1997 General Election and almost contested the presidential election in 1993.
In those heady days, the then multi-millionaire was co-founder of Sesdaq-listed Heshe Holdings, which dealt in food and beverage, garments and property. But bad times, as a result of the 1990s Asian financial crisis, bankrupted him.
In a recent hour-long interview with The Sunday Times, he spoke passionately about his past and his future plans.
Heshe's woes had piled up as the Asian financial crisis erupted. It had major investments in Indonesia, whose rupiah collapsed in 1998. Mr Chia saw his investments plunge by $20 million to $30 million after the rupiah's collapse. He could not repay loans taken from four banks in 1994 to finance Heshe share purchases.
In 2003, he was declared a bankrupt when Bank of China, to which he owed $4.4 million, sued him.
'It was traumatic, not so much what had befallen me, but to have lost the company I co-founded and helmed for three decades,' he said.
He also found his social standing tumble as invitations to public events were quietly withdrawn.
Married with two grown children, he was declared free from bankruptcy in February 2007 and is now the chairman of retro-American diner chain Billy Bombers.
In 2005, the then two-outlet chain had offered Mr Chia a job as its consultant, tapping on his network and business experience.
The business has since grown to seven outlets with its head office at Clarke Quay's Central Mall.
In his struggle to repay his debt of over $10 million, he had to sell his bungalow and a Loyang Rise terrace house where his mother and some siblings were living. His Jaguar car, Heshe shares and Central Provident Fund investments were disposed of too.
Mr Chia and his family moved in with a sibling until he rented a condominium unit in East Coast.
Life as an undischarged bankrupt was not easy for the entrepreneur who used to travel first-class on airlines. He could not sign contracts or own a credit card and even had to obtain permission to travel out of Singapore.
He was determined to free himself of his debt. 'I wanted my second chance to get back into action,' he said.
Friends, family and even strangers chipped in. When news of his bankruptcy broke, he received at least 100 cards and e-mail messages, many from strangers, wishing him well.
For two years, after he failed to stop bankruptcy proceedings, he maintained a transitional role as a consultant with Heshe.
He looked for a white knight so that the company's shares could continue to be traded. That man turned out to be Mr Eddie Chng, the former chief executive of Serial System, a distributor of electrical and electronic components.
In 2004, Mr Chng invested $9.5 million in Heshe.
'I was very clear that I had a moral obligation to the over 10,000 shareholders of Heshe,' said Mr Chia. 'I owed them a duty not to let the company fall.'
In September 2006, Heshe changed its name to Equation Corp Limited. Its principal activity now is that of an investment holding company.
Mr Chia was made Billy Bombers' chairman in 2007.
Looking back at the Asian financial crisis and the dot.com bust that followed, and looking to the future, Mr Chia expects many entrepreneurs to fall victim to the current global economic crisis.
Mining his own experience - having gone through four recessions - he wants a body set up to salvage good businesses from bankruptcy.
'Entrepreneurs build up not just dollars and cents but skills, networks and knowledge worth a lot of money,' he said. 'We should help them before they are made bankrupt.'
The body he envisages could negotiate between banks and debtors on repayment schemes, to avert resorting to bankruptcy.
'If you bankrupt a lawyer or an accountant, they can't practise,' he said. 'Why do that? There's no economic value in that.'
As for himself, Mr Chia said he is 'out of the woods but far from my glorious days'. Then, Heshe had thousands of workers and several millions in sales spread over countries like Singapore, Indonesia, China and even Fiji.
Now, he said the business scale at Billy Bombers is 'much smaller' and his bargaining power 'weaker'. Still, ever the entrepreneur, he wants to expand Billy Bombers and acquire new brands. He now has about 150 employees under him.
Asked about lessons learnt from his downfall, he said: 'I learnt that you're very much on your own. Whether you want to get out of it, it all depends on yourself.'
He added that it is also important to be 'thick-skinned' and depend on close friends, not to beg and borrow, but to look for business opportunities and link-ups.
His family was a bulwark. Apart from his homemaker wife, his two children never faltered in their support through the hard times.
'They knew daddy's a fighter, that scouts always fight back,' said the former Singapore Scout Association president.
Now he is also granddad to two boys. His daughter is a pharmacist while his son is an oil company manager.
He and his wife live in a private condominium unit in the east, 'not top-end, but comfortable'.
Asked if he hankers to re-enter politics, Mr Chia said he has always been fond of politics but will not pursue a political career.
'Life is so much better now; I can just wear my shorts and slippers and walk to the foodcourt.' [email protected]
</TR><!-- headline one : end --><TR>Made bankrupt in 2003, Chia Shi Teck is now chairman of Billy Bombers diner chain </TR><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Mavis Toh
</TD></TR><!-- show image if available --><TR vAlign=bottom><TD width=330>
</TD><TD width=10>
Mr Chia, a Nominated MP for two years, almost ran for president in 1993. -- ST PHOTO: SAMUEL HE
</TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->He wants to bounce back as a comeback kid in the business arena although he speaks wistfully about politics.
After all, Mr Chia Shi Teck, 61, had been a Nominated Member of Parliament for two years.
<TABLE width=200 align=left valign="top"><TBODY><TR><TD class=padr8><!-- Vodcast --><!-- Background Story --><STYLE type=text/css> #related .quote {background-color:#E7F7FF; padding:8px;margin:0px 0px 5px 0px;} #related .quote .headline {font-family: Verdana, Arial, Helvetica, sans-serif; font-size:10px;font-weight:bold; border-bottom:3px double #007BFF; color:#036; text-transform:uppercase; padding-bottom:5px;} #related .quote .text {font-size:11px;color:#036;padding:5px 0px;} </STYLE>Taking the lead
'I learnt that you're very much on your own. Whether you want to get out of it, it all depends on yourself.'
MR CHIA SHI TECK, on the lesson he has learnt from his business downfall Help entrepreneurs
'Entrepreneurs build up not just dollars and cents but skills, networks and knowledge worth a lot of money. We should help them before they are made bankrupt.'
MR CHIA
</TD></TR></TBODY></TABLE>He stood as an independent candidate in the 1997 General Election and almost contested the presidential election in 1993.
In those heady days, the then multi-millionaire was co-founder of Sesdaq-listed Heshe Holdings, which dealt in food and beverage, garments and property. But bad times, as a result of the 1990s Asian financial crisis, bankrupted him.
In a recent hour-long interview with The Sunday Times, he spoke passionately about his past and his future plans.
Heshe's woes had piled up as the Asian financial crisis erupted. It had major investments in Indonesia, whose rupiah collapsed in 1998. Mr Chia saw his investments plunge by $20 million to $30 million after the rupiah's collapse. He could not repay loans taken from four banks in 1994 to finance Heshe share purchases.
In 2003, he was declared a bankrupt when Bank of China, to which he owed $4.4 million, sued him.
'It was traumatic, not so much what had befallen me, but to have lost the company I co-founded and helmed for three decades,' he said.
He also found his social standing tumble as invitations to public events were quietly withdrawn.
Married with two grown children, he was declared free from bankruptcy in February 2007 and is now the chairman of retro-American diner chain Billy Bombers.
In 2005, the then two-outlet chain had offered Mr Chia a job as its consultant, tapping on his network and business experience.
The business has since grown to seven outlets with its head office at Clarke Quay's Central Mall.
In his struggle to repay his debt of over $10 million, he had to sell his bungalow and a Loyang Rise terrace house where his mother and some siblings were living. His Jaguar car, Heshe shares and Central Provident Fund investments were disposed of too.
Mr Chia and his family moved in with a sibling until he rented a condominium unit in East Coast.
Life as an undischarged bankrupt was not easy for the entrepreneur who used to travel first-class on airlines. He could not sign contracts or own a credit card and even had to obtain permission to travel out of Singapore.
He was determined to free himself of his debt. 'I wanted my second chance to get back into action,' he said.
Friends, family and even strangers chipped in. When news of his bankruptcy broke, he received at least 100 cards and e-mail messages, many from strangers, wishing him well.
For two years, after he failed to stop bankruptcy proceedings, he maintained a transitional role as a consultant with Heshe.
He looked for a white knight so that the company's shares could continue to be traded. That man turned out to be Mr Eddie Chng, the former chief executive of Serial System, a distributor of electrical and electronic components.
In 2004, Mr Chng invested $9.5 million in Heshe.
'I was very clear that I had a moral obligation to the over 10,000 shareholders of Heshe,' said Mr Chia. 'I owed them a duty not to let the company fall.'
In September 2006, Heshe changed its name to Equation Corp Limited. Its principal activity now is that of an investment holding company.
Mr Chia was made Billy Bombers' chairman in 2007.
Looking back at the Asian financial crisis and the dot.com bust that followed, and looking to the future, Mr Chia expects many entrepreneurs to fall victim to the current global economic crisis.
Mining his own experience - having gone through four recessions - he wants a body set up to salvage good businesses from bankruptcy.
'Entrepreneurs build up not just dollars and cents but skills, networks and knowledge worth a lot of money,' he said. 'We should help them before they are made bankrupt.'
The body he envisages could negotiate between banks and debtors on repayment schemes, to avert resorting to bankruptcy.
'If you bankrupt a lawyer or an accountant, they can't practise,' he said. 'Why do that? There's no economic value in that.'
As for himself, Mr Chia said he is 'out of the woods but far from my glorious days'. Then, Heshe had thousands of workers and several millions in sales spread over countries like Singapore, Indonesia, China and even Fiji.
Now, he said the business scale at Billy Bombers is 'much smaller' and his bargaining power 'weaker'. Still, ever the entrepreneur, he wants to expand Billy Bombers and acquire new brands. He now has about 150 employees under him.
Asked about lessons learnt from his downfall, he said: 'I learnt that you're very much on your own. Whether you want to get out of it, it all depends on yourself.'
He added that it is also important to be 'thick-skinned' and depend on close friends, not to beg and borrow, but to look for business opportunities and link-ups.
His family was a bulwark. Apart from his homemaker wife, his two children never faltered in their support through the hard times.
'They knew daddy's a fighter, that scouts always fight back,' said the former Singapore Scout Association president.
Now he is also granddad to two boys. His daughter is a pharmacist while his son is an oil company manager.
He and his wife live in a private condominium unit in the east, 'not top-end, but comfortable'.
Asked if he hankers to re-enter politics, Mr Chia said he has always been fond of politics but will not pursue a political career.
'Life is so much better now; I can just wear my shorts and slippers and walk to the foodcourt.' [email protected]
