The latest investigation by Tokyo prosecutors into Nissan Motor Co.’s Carlos Ghosn centers on his relationship with a Saudi Arabian businessman, Khaled Al Juffali, who runs part of Nissan’s Middle East business, the Wall Street Journal reported. Some of the people said that payments by Nissan to a Juffali company — on which prosecutors have cast suspicion — were for legitimate business purposes. Ghosn was initially arrested in Tokyo on Nov. 19 and charged Dec. 10 with underreporting his income on Nissan’s financial statements.
On the sidewalks of Shanghai and Beijing, once bright-yellow Ofo bicycles lie in varying states of disrepair - chains unhooked, wheels buckled and paint starting to fade - reflecting the quick rise and sharp fall of the Chinese bike-sharing startup, Reuters reported. Millions of Ofo users are clamoring for their deposits to be returned and the firm’s founder has admitted considering bankruptcy. Ofo’s plight is a warning for China’s tech investors, who have plowed tens of billions of dollars into loss-making businesses such as bike sharing, ride hailing and food delivery.
Tasked with helping recover unpaid corporate loans, the National Company Law Tribunal (NCLT) has helped resolve insolvency and bankruptcy proceedings involving more than ₹80,000 crore in 2018, The Hindu reported. The kitty is expected to swell beyond ₹1 lakh crore in 2019 with several big-ticket default cases pending. Plans are afoot to further strengthen the NCLT by increasing the number of judges and benches, and providing adequate infrastructure to fast-track the process, according to Indian government officials.
Bank of China plans to sell as much as 40 billion yuan ($5.8 billion) of perpetual bonds in what could be the nation’s first ever issuance of such debt by a lender, Bloomberg News reported. Shareholders approved the proposal at the end of June, the bank’s representatives said today in response to Bloomberg queries. Approvals are awaited from regulators and there’s no deadline for the sale. Chinese authorities met Tuesday to discuss ways to help banks replenish capital and sell perpetual debt as soon as possible, the People’s Bank of China said in a statement today.