Two weeks after U.S. President Donald Trump and South Korea's Lee Jae Myung met and announced they had resolved months of negotiations over tariffs and security issues, the two sides have yet to release any agreement on paper, Reuters reported. South Korean officials say the delay appears to centre on discussions over their request for Washington's blessing to build a nuclear-powered submarine, which Lee raised publicly when he met Trump on the sidelines of an Asia-Pacific forum in South Korea last month.

E-commerce company WeMakePrice has been declared bankrupt. This comes 1 year and 4 months after it triggered a large-scale unpaid settlement crisis in July of last year and applied for corporate rehabilitation proceedings, the Chosun Daily reported. Seoul Rehabilitation Court’s Rehabilitation Division 3 (Chief Judge Kim Joon-young) finalized the decision to terminate WeMakePrice’s rehabilitation process on the 10th and declared bankruptcy.

Mainland businessman Li Yonghong’s company, Rossoneri Sport Investment Co., Ltd., which previously owned Italian football club AC Milan, is facing a liquidation petition filed by creditor General Fantasy Limited, with a hearing set for next January, TheStandard.com.hk reported. Li acquired AC Milan through his Chinese-led consortium in 2017. However, the company later failed to repay debts after signing a bond subscription agreement with five investment fund firms.

The insolvency regulator has proposed mandating bidders for bankrupt firms to disclose beneficial ownerships, a move aimed at curbing misuse of the ‘clean slate’ principle and preventing backdoor entry of disqualified promoters or related parties, the Economic Times of India reported. In a discussion paper, the Insolvency and Bankruptcy Board of India (IBBI) has suggested a standard format for beneficial ownership disclosures by all potential resolution applicants.

A two-member bench of the appellate tribunal said the NCLT should have taken into consideration the directions issued by the Supreme Court in the Mansi Brar Fernandes case, where it was held that real-estate insolvency should be project-specific, the Economic Times of India reported. Moreover, the NCLAT also noticed an intervention application filed by different sets of homebuyers of other projects of Mahagun, where they prayed to set aside the NCLT order directing insolvency against the realty firm.

Prime Minister Sanae Takaichi on Friday instructed her Cabinet to look into revising the Economic Security Promotion Act given the changing geopolitical situation and rising economic threats, the Japan Times reported. “It’s been three years since the enactment of the Economic Security Promotion Act. Global affairs have continued to change with unprecedented speed and complexity,” Takaichi told a panel on promoting economic security.

Japanese automakers warned that President Trump’s trade tariffs will cost them billions in lost profits, describing the import duties as a “new normal” that the industry will be forced to endure for the foreseeable future, the New York Times reported. The cautionary message came two months after a trade agreement that Japan negotiated with the United States took effect. Under the deal, Tokyo agreed to invest $550 billion in the United States in exchange for a 15 percent across-the-board tariff on its exports. Mr.

The National Company Law Appellate Tribunal (NCLAT) recorded the consent terms by Bollywood superstar Salman Khan and Jerai Fitness on mutual settlement, TaxScan.com reported. The bench allowed the withdrawal of his ₹7.24 crore insolvency application bringing an end to the protracted legal battle between the two parties. Salman Khan was named the brand ambassador for Jerai Fitness under a brand endorsement deal, which gave rise to the disagreement.

The India's bankruptcy regulator has issued a circular empowering insolvency professionals to file applications before the special courts handling money-laundering cases for the restitution of the assets of stressed companies attached by the Directorate of Enforcement (ED), the Economic Times of India reported. Attachment of assets discourages potential investors and hampers efforts to rescue insolvent firms.