Devas Multimedia Pvt., a company seeking over $1.2 billion it won in international arbitration from India, has joined Cairn Energy Plc in seeking to seize Air India Ltd.’s assets abroad, Bloomberg News reported. Calling the flagship airline an “alter ego” of the Indian state and therefore liable for the sovereign’s debts, Devas filed a petition in New York asking Air India to pay the amount or forfeit its U.S. property including planes, cargo handling equipment and artwork.
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Resources Per Country
- Afghanistan
- Armenia
- Australia
- Azerbaijan
- Bangladesh
- Brunei
- Cambodia
- China
- Cook Islands
- Cyprus
- Fiji
- Georgia
- Hong Kong
- India
- Indonesia
- Japan
- Kazakhstan
- Kyrgyzstan
- Laos
- Macau
- Malaysia
- Maldives
- Mongolia
- Myanmar
- Nepal
- New Zealand
- North Korea
- Pakistan
- Papua New Guinea
- Philippines
- Singapore
- South Korea
- Sri Lanka
- Taiwan
- Tajikistan
- Thailand
- Turkey
- Uzbekistan
- Vanuatu
- Vietnam
Go Airlines India Ltd.’s plans to raise 36 billion rupees ($485 million) via an initial public offering have been put on hold by India’s market regulator, dealing another blow to the debt-laden carrier whose business has been decimated by the coronavirus pandemic, Bloomberg News reported. Go Airlines’ share sale documents will be “kept in abeyance,” the Securities and Exchange Board of India said in a filing late Monday, without specifying the reason why.
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South Asia’s reliance on state-led development is concealing vulnerabilities to growing levels of unsustainable debt that could lead to financial crises, the World Bank warned, Bloomberg News reported. Governments in the region, including India and Pakistan, are exposed to the risk of “hidden debt” via funding guarantees by state-owned banks and enterprises, as well as public-private partnerships, the World Bank said in a report Tuesday, which also included policy reforms to help alleviate the risks.
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The Mumbai chapter of the National Company Law Tribunal (NCLT) ordered the liquidation of Nakshatra World, a subsidiary of Gitanjali Gems, one of the group companies promoted by fugitive businessman Mehul Choksi, the Economic Times of India reported. The ruling came on an insolvency petition ICICI Bank filed around two years ago against the company, which was also allegedly involved in a money laundering case reported at the Punjab National Bank. The court appointed Santanu Ray, a partner from Delhi-based AAA Insolvency Professionals LLP as the liquidator.
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Shen Tiedong has been named as chairman of Huachen Group, parent of BMW’s China partner Brilliance Auto, according to a Brilliance Auto wechat post on Monday, Reuters reported. Huachen is standing on the brink of bankruptcy, defaulting on billions of yuan in debt obligations. Chinese regulators have launched an investigation into possible violations of disclosure laws by the company. Brilliance makes vehicles with BMW in the northeastern Chinese city of Shenyang. It also has a joint venture with Renault SA. Yan Bingzhe, Huachen’s former chairman, will step down, the post said.
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A controversial Christchurch, New Zealand-based businessman, who was once a director of a Headhunters-linked debt collecting firm, has declared himself bankrupt, Stuff reported. Richard Logan Freeman, a former heavyweight boxer and racing car driver, was put into bankruptcy on June 21. It’s understood he declared himself insolvent after the High Court awarded $350,000 in damages against him earlier this year for making defamatory remarks about earthquake advocate Bryan Staples.
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Vietnam's growing dominance as a furniture exporter is at risk as trade authorities in the U.S., its biggest market, probe the country's timber industry and its ties to illegal logging abroad, Nikkei Asia reported. The sector has boomed in recent years, thanks in part to former U.S. President Donald Trump's trade war with China, which saw tariffs as high as 25% slapped on Chinese furniture exports. Vietnam, in fact, overtook China last year in furniture exports to the U.S., shipping $7.4 billion worth of the goods, compared with China's $7.3 billion, reported Vietnam News Agency.
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A bad bank in India that’s expected to launch this month may help reduce one of the world’s worst bad-loan piles but market participants say it’s a long path ahead, Bloomberg News reported. The new institution, which is set to start operations by the end of June, is likely to handle stressed debt worth 2 trillion rupees ($27 billion) over time, according to a BloombergQuint report. That would be about a quarter of the nation’s non-performing debt load.
SsangYong Motor's painful restructuring plan is raising the possibility that the ailing South Korean vehicle manufacturer may woo potential investors, the Korea Times reported. Early this month, its union and management reached an agreement to apply cost-cutting measures such as initiating unpaid leave and additional wage cuts for executive-level employees.
China has asked one of its biggest state-owned conglomerates to examine the finances of China Huarong Asset Management Co., adding a new twist to the drama that has roiled the world’s second-largest credit market for months, Bloomberg News reported. Citic Group, whose businesses span everything from banking to securities and mining, recently dispatched a team to Huarong to pore over the embattled distressed-debt manager’s books. It couldn’t immediately be determined what, if anything, might result from Citic Group’s involvement.