Asia Pacific

The United States is raising new concerns about China’s practice of making emergency loans to debt-ridden countries, warning that a lack of transparency surrounding such financing can mask the fiscal predicaments facing fragile economies that have turned to China for help, the New York Times reported. A senior Treasury official, Brent Neiman, will publicly air concerns about the practice on Tuesday during a speech in which he will urge the International Monetary Fund to push China for greater clarity about its lending terms.

Thai retail and property conglomerate Central Group said on Monday it will take over the operational business of Magazine zum Globus AG, which operates luxury department stores in Switzerland, Reuters reported. Globus is another piece of the fallen empire of Austrian property tycoon Rene Benko, whose sprawling Signa group folded late last year, sending shockwaves through a European property sector already beset with problems.

The Insolvency Appellate Tribunal (NCLAT) has given additional time to Supertech Township Projects, a real estate firm in financial trouble, to circulate a settlement proposal to its lenders and homebuyers, the Economic Times of India reported. Ram Kishore Arora, the suspended director of the firm, now has two more weeks to complete and share the proposal. NCLAT suggested that Supertech should also publish the settlement proposal on its website to ensure all concerned stakeholders can access it.

Housing Development & Infrastructure Ltd’s former promoter Rakesh Wadhawan has approached the National Company Law Tribunal, demanding reconduct of the corporate insolvency resolution process (CIRP) of the now-defunct realty firm, the Economic Times of India reported. Wadhawan has also sought to submit a resolution plan to revive the company.

Singapore’s High Court approved former oil tycoon Lim Oon Kuin’s agreements to pay about $3.59 billion to the liquidators of his company and creditor HSBC Holdings Plc, ending the multi-year civil cases against him and his family, Bloomberg News reported. The Lims didn’t admit liability. They will pay the sum with interest and costs in the consent judgments agreed in court proceedings on Monday. OK Lim and his children Evan Lim Chee Meng and Lim Huey Ching will file for bankruptcy, they said in separate statements.

The Malaysian High Court on Monday fixed Jan 6, 2025, to hear former prime minister Datuk Seri Najib Razak and his son Datuk Nazifuddin Najib's appeals to stay bankruptcy proceedings for their failure to settle RM1.69 billion and RM37.64 million in tax arrears to the Inland Revenue Board (IRB), The Edge Malaysia reported. Their initial applications had been denied by the deputy registrar in July. The date was fixed following case management before High Court (Insolvency) Senior Assistant Registrar Naeilah Nikrul Tarmizi on Monday.

Prosecutors on Monday grilled an e-commerce tycoon believed to be at the center of the large-scale insolvency incidents involving online shopping platforms TIMON and WeMakePrice, the Korea Herald reported. Ku Young-bae, CEO of the Singapore-based Qoo10 Group, the parent company of TIMON and WeMakePrice, underwent questioning as a fraud and embezzlement suspect at the Seoul Central District Prosecutors Office in the morning. He entered the prosecution office at 8:55 a.m. after telling reporters that he will faithfully undergo the investigation.

Japan’s industrial production declined more than expected in August, with uncertainties over the global economy further clouding the outlook for the country’s manufacturing sector, the Wall Street Journal reported. Industrial output fell 3.3% in August from the previous month, government data showed Monday. That compared with a 0.9% decline expected in a poll of economists by data provider Quick and July’s 3.1% increase. Companies expect production to increase 2.0% on month in September, according to the data.