SINGAPORE, Aug. 15 -- More than 40 investors in a Singapore vending-machine business are facing losses of up to S$4 million (RM12.6 million) after its owner was declared bankrupt last month, following promises of annual returns of up to 10 per cent.

Lim Jian Bin, who marketed himself as a successful entrepreneur with investments in hundreds of vending machines and commercial properties, was declared bankrupt on July 14, The Straits Times reported today.

Among those affected is financial adviser Kevin Lin, 43, who invested S$484,300 (RM1.53 million) in Nozomii Vending from 2023, including S$291,322 (RM920,000) borrowed through bank loans.

Under one agreement, Lin was promised annual returns of 10 per cent over four years, while another ...