The former co-founder of Night Owl Cinematics (NOC), Ryan Tan, shared that he's "officially broke" following his departure from the company.
He founded NOC together with his ex-wife Sylvia Chan.
In a series of Instagram Stories put up on what appeared to be Jun. 24, Tan said that he had lost "more than 90 per cent" of his money.
He added that he had been affected by costs pertaining to legal fees, starting up new companies and having no income.
In another Instagram Story put up on Jun. 26, Tan added that he had to pay salaries, bills and loans, and that he was also working in an industry where clients "don't necessarily pay up on time".
He also said that he was not "legally not allowed" to explain how he ended up in his current situation.
Received S$1,000 from Mentai-Ya Japanese Cuisine founder
Tan also thanked people in his Instagram stories for their support, amidst his current circumstances.
One such person was Khoo Keat Hwee, the founder of Mentai-Ya Japanese Cuisine.
On behalf of Mentai-Ya and himself, Khoo gave S$1,000 to Tan after seeing his stories.
In a TikTok video put up on Jun. 25, Khoo wrote that he did not know much about Tan or NOC.
However, he said that he admired Tan for speaking out about his situation.
Khoo added that when he failed, he had "ran away from everyone on earth" and did not dare to ask for help or even speak about his situation.
@kayakak idk much about noc nor ryan but i came across his stories. my 1k is small but should help his team a lil. Bro lets jiayou and pick up from where we all fell. Lets learn and grow from our pain & mistakes. #respect @Ryan Tan ♬ At My Worst - Pink Sweat$
In an interview with Shin Min Daily News published on Jun. 18, Khoo said that at one point, he owed up to S$120,000 in 2018, following the failure of his food & beverage (F&B) business venture.
Khoo was quoted as saying that he had borrowed more than S$100,000 from the banks and licensed money lenders, as well as S$10,000 from loan sharks.
To pay off his debts, he had to work as a private-hire vehicle (PHV) driver for 12-16 hours every day.
Khoo eventually returned to the F&B industry in Aug. 2020, when he opened the first Mentai-Ya stall at a coffee shop in Bukit Panjang.
He has since paid off his debts.
Mentai-Ya founder expresses surprise at disapproval for his donation
Khoo subsequently put up a second video on Jun. 26 in which he expressed his surprise at the number of people who disapproved of his donation to Tan on his initial TikTok video.
Many of them criticised the donations, claiming Tan had a "lavish lifestyle".
However, Khoo reiterated his stance of respect for Tan:
"I respect him being honest & put away his ego. and tell ppl he is f***p or broke. I couldn't do tt."
@kayakakpeace ✌️. apologies if my actions affected anybody. was close to heart & i respect him for speaking out. lets jiayou.♬ Ive nightcore - kpop nightcore 🏼
Top images from Ryan Tan/Instagram via Hardwarezone