Headlines

The Indian Supreme Court on Monday said that it will protect the interests of homebuyers in Supertech’s to-be-razed twin towers situated at Noida’s Emerald Court project from the ongoing insolvency proceedings against the company, and directed the interim resolution professional to separately deal with the refund claims of the buyers and the creditors, the Hindustan Times reported.

A U.S. jury began deliberations on Tuesday in the trial of a former Goldman Sachs banker accused of helping loot billions of dollars from Malaysia's 1MDB sovereign wealth fund, Reuters reported. Prosecutors say Roger Ng, Goldman's former top investment banker for Malaysia, helped his former boss Tim Leissner embezzle money from 1MDB, launder the proceeds and bribe officials to win business for Goldman. The Malaysian fund had been founded to pursue development projects in the Southeast Asian country. Ng has pleaded not guilty to conspiring to launder money and violating an anti-corruption law.

Spain's state rescue fund FROB has increased its stake in the country's "bad bank" Sareb to more than 50%, in line with a European Union order to count its liabilities as public debt, Reuters reported. FROB said on Tuesday that it had bought a 4.24% stake in Sareb, set up in 2012 to take on bad loans after the financial crisis, to raise its holding to 50.14%. No price was given but several sources with knowledge of the matter said it was merely symbolic.

Thailand's leading joint business group on Tuesday trimmed its economic growth forecast for this year to 2.5%-4.0% from a previous forecast of 2.5%-4.5% due to the impact of the Russia-Ukraine war on global growth and energy prices, Reuters reported. The inflation forecast was raised to 3.5%-5.5% this year from a previous projection of 2.0%-3.0%, the group, which includes representatives from industry, banking and commerce, said in a statement. It maintained its export growth outlook of 3.0%-5.0% this year.

President Gotabaya Rajapaksa revoked emergency rule within days of imposing it as the escalating political crisis makes it tougher for Sri Lanka to agree a much-needed financial bailout from the International Monetary Fund, Bloomberg News reported. The proclamation that took effect April 1 is repealed as of midnight April 5, Rajapaksa said in an extraordinary gazette late Tuesday. Imposing Emergency had given Rajapaksa sweeping powers to detain protesters and seize property, but he also faced mounting calls from lawmakers to step down.

A High Court application seeking approval of a financial arrangement that would write off the bulk of restaurateur Jay Bourke’s €13.7 million debts has been withdrawn, the Irish Times reported. The withdrawal came following an objection from Pepper Finance, which is owed €12.2 million from a contingent liability arising from Mr Bourke’s loans on Co Meath hotel Bellinter House, which he co-owned. Pepper would be paid less than 1 per cent of its debt under his proposed insolvency arrangement. Mr.

China Evergrande Group and some of its biggest offshore creditors have reached agreement on moving restructuring talks forward, helping stave off their threats of taking over the company’s offshore businesses after $2 billion in offshore cash was seized by banks, WSJ Pro Bankruptcy reported. Evergrande agreed in principle late last week to pay bondholders’ advisory fees, provide additional due diligence on the company’s financial health, and give creditors a formal role in the restructuring process.

Credit Suisse said on Monday that litigation related to Greensill supply chain finance funds (SCFF) could take around five years and warned that some investors would not be able to recover their money, Reuters reported. Credit Suisse racked up a 1.6 billion Swiss franc ($1.73 billion) loss last year when it was hit by the implosion of investment fund Archegos and the collapse of $10 billion in SCFFs linked to insolvent British financier Greensill.

In a startling revelation, the Enforcement Directorate has claimed that a prominent business family of Ludhiana and its companies have allegedly been involved in mega financial transactions in Switzerland along with acquiring assets worth several hundred crores in that country in violation of the Foreign Exchange Management Act, the Times of India reported.

A former Goldman Sachs banker should be convicted of helping loot billions of dollars from Malaysia's 1MDB sovereign wealth fund and causing "immeasurable" harm, a U.S. prosecutor told jurors in her closing argument on Monday, Reuters reported. Roger Ng, Goldman's former top investment banker for Malaysia, faces charges he helped his former boss Tim Leissner embezzle hundreds of millions of dollars from the fund, launder the proceeds and bribe officials to win business for Goldman. Assistant U.S.