Adon Tse: Crazy Rich Asians star ordered to repay four large debts
When businessman Adon Tse appeared on a reality TV show riding on a yacht on Sydney Harbour, he looked to be enjoying an enviable life. But the truth is he has hefty debts.
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On Channel 10’s recently aired pilot, Sydney’s Crazy Rich Asians, a speedboat carrying a woman with 80 hamburgers nears a superyacht in the Harbour as wannabe high-flyer Adon Tse yells from on board: “Did you get the nuggets?”
Now some of the former Children’s Tumour Foundation director’s acquaintances have a question for him: “When are you going to pay us back?”
The Daily Telegraph can reveal four Sydney businessmen have separately obtained court judgments against Mr Tse that he owes them nearly $500,000.
Arguably the smallest debt is the most pressing debt for Mr Tse — $30,000 he received from cafe owner Kit Tran last year towards construction of a coffee shop in Darling Square.
Mr Tran told The Telegraph that Mr Tse — who was a customer of his Surry Hills cafe — offered to arrange the fit-out of the new coffee shop. Mr Tse said he had been a builder.
In the Children’s Tumour Foundation 2019 annual report, Mr Tse is listed as having a degree in “medical and health science” and being an “active businessman, securities trader and investor in Australia, Hong Kong, Macau and Singapore”.
Mr Tran said Mr Tse asked for money to purchase materials and secure contractors.
Mr Tran provided the money but, soon after, Mr Tse allegedly claimed the builders wouldn’t do the work because the budget was too low.
According to Mr Tran, Mr Tse said the money couldn’t be refunded immediately because it had been forwarded to the contractors and used to buy materials.
“I never got anything back, not even a dollar,” Mr Tran said.
Mr Tran’s business Haven Specialty Coffee has obtained a court judgment that Mr Tse’s company, “wealth management” firm Royal Group Holdings, repay him.
Haven Specialty Coffee has also commenced winding up proceedings in the Federal Court against Royale Group. A hearing is set for later this month.
Meanwhile, Mr Tse owes $126,000 to Michael MacRitchie over a currency conversion he didn’t deliver last year.
Mr MacRitchie, who runs a celebrity public relations business, has obtained a default judgment and said he had spent more than $40,000 on legal fees.
“It’s a horrible experience to have money stolen from you,” Mr MacRitchie said. “He shouldn’t be allowed to get away with it.”
A third man, who asked not to be named, has obtained a default court judgment against Royale for repayment of $244,000 in loans.
“We had an agreement and he didn’t honour it,” the man said.
A fourth man, who also asked not to be named, has obtained a court judgment that Mr Tse repay him $89,000.
The man said Mr Tse had befriended him then asked for a loan.
“He said he would return the money,” the man said.
When The Telegraph approached Mr Tse yesterday seeking comment, he acknowledged receiving questions by email and said “I’ll call you.” But he did not call; nor did he reply by email.
However, his lawyer said “currently there are several disputes which involve Adon and/or his business, several of which are currently being contested before the court. That being the case, any allegations against him or his business by these litigants have to be considered as sub judice.”
Mr MacRitchie and one of the unnamed victims have contacted the police.
A NSW Police spokesman said the disputes involving Mr Tse were civil matters and before the courts.
“NSW Police will not be making any further comment,” the spokesman said.
The listed address of Mr Tse’s Royale Group is the swanky Jones Bay Wharf at Pyrmont. But the office is occupied by another business which, when contacted, said it has been there since last year.
Among the arms of Royale is RealEsy, which claims to offer “an innovative way to purchase real estate directly in Australia”, as well as an entertainment and hospitality division that “aims to produce and distribute local and foreign records, music publishing and talent management.”
From 2018 until April, Mr Tse was a director of the Children’s Tumour Foundation of Australia, whose board members include leading lights of retail and investment banking.
Board chairman Nirmal Hansra told The Telegraph that Mr Tse resigned due to increasing business and family commitments.