India's Serious Fraud Investigation Office (SFIO) has arrested the former chairman of debt-laden Infrastructure Leasing and Financial Services (IL&FS) in connection with an ongoing investigation into the lender, a government official said on Monday, the International New York Times reported on a Reuters story. Hari Sankaran, the former chairman and managing director of IL&FS, was arrested for "abusing his powers in IL&FS Financial Services Ltd through his fraudulent conduct" and will be in SFIO's custody until April 4, the official told Reuters on condition of anonymity.

A quarter-century ago, Beijing Electron teetered on the brink of collapse, a government behemoth brought to its knees by superior foreign technology. Decades later, fueled by billions in state funds, a re-christened BOE Technology Group Co. does business with Apple Inc. and has its sights on becoming the biggest supplier of next-generation screens, Bloomberg News reported. It’s a turnaround authored by Wang Dongsheng, an accountant who took over an ailing vacuum-tube factory -- then begged his underlings for bailout money, at one point dabbling in producing mouthwash to make ends meet.

Troubled Jet Airways India Ltd. missed a $109 million loan repayment due to HSBC Bank this week, people with knowledge of the matter said. The money was due on March 28, and was part of a two-tranche facility totaling $140 million that the company took from HSBC in 2014, according to the people, who asked not to be identified because the details are private, Bloomberg News reported. Jet had also missed payment on the other $31 million tranche that was due on March 11, and hasn’t repaid any of the loan, the people said.

A rare public protest in Singapore on Saturday underscored mounting anger among investors set to suffer sharp losses in one of the country’s highest-profile corporate debt restructurings, Bloomberg News reported. The catastrophic slump of the once-vaunted water and power company, Hyflux Ltd., has stunned debtholders, who stand to lose about 90 percent. About 400 to 500 of those individual investors gathered in a downtown park known as the Speaker’s Corner on Saturday, carrying placards and posters.

An Indonesian white knight, whose proposed investment in Hyflux is crucial for the beleaguered water treatment company’s rescue, said on Thursday that conditions for a deal to restructure the firm had not been met, Reuters reported. In October, SM Investments (SMI), a consortium of Indonesia’s Salim Group and Medco Group, had agreed to acquire 60 percent of Hyflux for S$400 million ($290 million) and also give it a loan of S$130 million.

During the 1990s, as their Essar group rolled out big investments in oil and steel, Shashi and Ravi Ruia exemplified a hard-charging generation of Indian businessmen riding a wave of liberalising reforms, the Financial Times reported in a commentary. In the next decade, the billionaire brothers became archetypes of a different sort. After a series of debt restructurings, they came to symbolise the impunity of Indian “promoters”, or controlling shareholders, who clung to control of their ailing businesses while persuading lenders to take heavy losses.

The Turkish lira resumed declines on Thursday even as the nation orchestrated a currency crunch to stem the currency’s losses days before an election that will test support for President Recep Tayyip Erdogan’s rule, Bloomberg News reported. Investors dumped bonds and stocks on Wednesday and the cost of borrowing liras overnight on the offshore swap market soared past 1,000 percent because local banks are under pressure not to provide liquidity to foreign fund managers who want to bet against the lira. A government official said the measures are temporary.

China’s HNA is selling down its prized airline holdings, a strategy reversal that underlines the scale of its struggle to pare its debt burden, the Financial Times reported. The sale on Wednesday of budget carrier HK Express to Hong Kong flag carrier Cathay Pacific comes as problems grow for the finance-to-aviation conglomerate, once among China’s most globally acquisitive companies. In the past two years HNA has sold more than $40bn in assets to trim a debt pile twice that size.

The latest ructions in Turkish money markets are prompting fears that the country could be heading for another serious bout of currency weakness, echoing last summer’s lira crisis that has left deep scars on the economy, the Financial Times reported. Foreign investors were effectively frozen out of selling the lira on Wednesday after the overnight offshore swap rate more than tripled to 1,200 per cent, with analysts saying banks had been ordered not to lend to foreign counterparties — a claim that the Turkish Banking Association has denied.

There’s plenty of bad debt to go around for investors in distressed assets in China. The question is how to extract value from them. For years, Chinese banks shoveled nonperforming loans to asset managers set up by the government, which sought to get back what they could while warehousing what was irrecoverable. Now, as commercial lenders try to shift record amounts of soured loans off their books, these assets are finding a home outside the state-sanctioned bad debt managers, a Bloomberg View reported.