Embattled Chinese conglomerate HNA Group has denied accusations of embezzlement and financial irregularity made by a rival group of shareholders in Hong Kong Airlines (HKA) as the two sides fight for control of the struggling carrier, Reuters reported. The allegations were made by Zhong Guosong and Frontier Investment Partner who between them control 61 percent of HKA’s shares. On Tuesday, they declared they had taken control of the carrier and made Zhong, a former HKA director, chairman after an extraordinary shareholder meeting.

Pakistan’s finance minister resigned on Thursday following widespread criticism over the country’s economic crisis and his handling of a bailout deal with the IMF, the Financial Times reported. Asad Umar’s departure comes amid frustration from business leaders and opposition politicians with Islamabad’s decision last year to turn to countries including Saudi Arabia and China for at least $7.2bn in short-term loans instead of securing an IMF bailout package.

Thousands of employees have been stung by the rapid unraveling of Jet Airways, which, saddled with more than $1.2 billion in bank debt, grounded all its planes on Wednesday after lenders rejected a plea for emergency funds, Reuters reported. The shutdown has deepened the crisis as dues to lessors, staff and suppliers pile up and lenders scramble to find a buyer for what was once India’s largest private airline. Jet Airways CEO Vinay Dube told employees on Wednesday that the sale would take time and could throw up more challenges, but he was confident the airline would fly again.

China’s Anbang Insurance Group Co said it would reduce its registered capital by nearly one-third, the latest government-directed step of a massive restructuring of the debt-laden conglomerate to curb financial risks, Reuters reported. A state takeover work group, which has seized control of Anbang since February last year, has decided to trim the company’s registered capital to 41.5 billion yuan ($6.21 billion) from 61.9 billion yuan, pending approval from the China Banking and Insurance Regulatory Commission, Anbang said in a statement released on Tuesday.

Turkey’s Halkbank will issue debt instruments and borrow in domestic and foreign markets to strengthen its capital base, which was left thinner after the lender provided low-interest loans in the wake of last year’s currency crisis, Reuters reported. The state-run bank said late on Tuesday it plans to issue debt instruments or borrow a total of 2 billion euros and 10 billion liras ($1.74 billion) in the Turkish market, while borrowing 2 billion euros or equivalent abroad, to meet its Additional Tier 1 (AT1) capital requirements.

The loan default in Hong Kong by HNA Group Co. unit CWT International Ltd. is causing tremors in Singapore, Bloomberg News reported. Listed real estate investment trusts in the city-state that count CWT as a tenant dropped on concerns there might also be missed rent payments. Shares of Cache Logistics Trust extended declines Wednesday to the lowest in more than a month. Mapletree Logistics Trust, meanwhile, is down 4.1 percent since Monday, on track for its biggest weekly decrease since February 2018. CWT’s Singapore business is among the top 10 tenants of both landlords.

South Korean auditors are refusing to sign off on more and more corporate financial statements due to tighter regulations, giving investors earlier warning signs of trouble ahead, Bloomberg News reported. Auditors declined to give the green light on 37 financial statements by listed companies for 2018, about a 68 percent increase from a year earlier, according to the Financial Services Commission. The jump in rejections comes as South Korea takes more steps to ensure that auditors have independence from companies that hire them, while increasing penalties in case of fraudulent accounting.

Embattled Jet Airways halted all flight operations indefinitely on Wednesday after its lenders rejected its plea for emergency funds, potentially bringing the curtains down on what was once India’s largest private airline, Reuters reported. The carrier, saddled with roughly $1.2 billion of bank debt, has been teetering for weeks after failing to receive a stop-gap loan of about $217 million from its lenders, as part of a rescue deal agreed in late March.

The Ministry of Corporate Affairs (MCA) on Tuesday invited comments from stakeholders on “pre-packaged” insolvency resolution and insolvency resolution for group companies among other issues related to the Insolvency and Bankruptcy Code (IBC), 2016, and the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, the Indian Express reported. In March this year, the government had reconstituted the Insolvency Law Committee as a standing committee, chaired by MCA Secretary Injeti Srinivas, to analyse the functioning and implementation of IBC.

Singapore authorities said on Tuesday they are reviewing debt-laden water treatment company Hyflux’s accounting and auditing standards to see if the firm has breached any laws, Reuters reported. Hyflux is currently under a court-supervised restructuring process and its recently called-off rescue by an Indonesian investor has thrown the future of the debt-laden company further into doubt.