The insolvency resolution process of Syska LED Lights has attracted interest from four parties-the company's promoter, Germany-based turnaround investor Mutares Group, Aikyam Stressed Asset Fund and Cyfuture India, the Economic Times of India reported. Lenders to Syska, once a leading name in LED production, have raised concerns over the validity of some of the bids due to the absence of formal board authorisation. Syska LED has admitted claims of around ₹226 crore.
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Beijing Jingcheng Machinery Electric Company Limited announced that its subsidiary Beijing Tianhai Cryogenic Equipment Co., Ltd., which is subject to a creditor-initiated liquidation process, has received a court decision appointing East & Concord Partners (Beijing) as the manager in the insolvency proceedings, TipRanks.com reported. The Beijing No.
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Bank of Japan Gov. Kazuo Ueda said on Thursday that the central bank is getting closer to achieving its 2% inflation target, reaffirming his stance of seeking further interest-rate increases, the Wall Street Journal reported. “Amid tightening labor market conditions, firms’ wage- and price-setting behavior has changed significantly in recent years, and the achievement of the 2% price stability target, accompanied by wage increases, is steadily approaching,” Ueda said in a speech.
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Mirae Asset Financial Group is considering an acquisition of Korbit, the fourth-ranked among Korea’s five digital asset exchanges, sparking speculation that the deal could shake up a market long dominated by Upbit and Bithumb, according to industry officials Monday, the Korea Times reported on Monday. The Seoul-based financial group has been centering on traditional finance since its founding in the late 1990s and has no prior involvement in crypto-related businesses.
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India's appellate tribunal, the National Company Law Appellate Tribunal (NCLAT), has set aside a National Company Law Tribunal (NCLT) order that rejected Culver Max Entertainment's insolvency petition against an Odisha-based fintech firm, offering relief to the broadcaster, which was formerly known as Sony Pictures Network India, LiveMint.com reported. NCLAT passed the case back to the Cuttack bench of NCLT, directing the court to hear the matter afresh.
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An application for a moratorium by a group of eight companies, including Autobahn Rent A Car, was dismissed by the Singaporean High Court on Friday, the Business Times reported. The group had sought a six-month moratorium and a scheme of arrangement in an application heard by Judicial commissioner Sushil Nair. In earlier court filings seen by The Business Times, 22 creditors opposed the application. With an extended moratorium no longer on the cards, it opens up the group to creditor actions and insolvency proceedings, which may include being wound up.
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Suspicious accounts continued to operate on Binance even after the world’s largest exchange agreed to stricter AML controls as part of a 2023 settlement with the U.S., according to a report in the Financial Times. In November 2023, Binance settled with FinCEN and OFAC for sanctions violations and violations of the Bank Secrecy Act, agreeing to pay a total penalty of $4.368 billion.
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