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Hong Kong court orders China's Evergrande, which owes $300 billion, to liquidate
Information/News |
2024/01/30 11:00
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A Hong Kong court ordered China Evergrande, the world’s most heavily indebted real estate developer, to undergo liquidation following a failed effort to restructure $300 billion owed to banks and bondholders that fueled fears about China’s rising debt burden.
“It would be a situation where the court says enough is enough,” Judge Linda Chan said Monday. She said it was appropriate for the court to order Evergrande to wind up its business given a “lack of progress on the part of the company putting forward a viable restructuring proposal” as well as Evergrande’s insolvency.
China Evergrande Group is among dozens of Chinese developers that have collapsed since 2020 under official pressure to rein in surging debt the ruling Communist Party views as a threat to China’s slowing economic growth. But the crackdown on excess borrowing tipped the property industry into crisis, dragging on the economy and rattling financial systems in and outside China.
Chinese regulators have said the risks of global shockwaves from Evergrande’s failure can be contained. The court documents seen Monday showed Evergrande owes about $25.4 billion to foreign creditors. Its total assets of about $240 billion are dwarfed by its total liabilities.
“It is indisputable that the company is grossly insolvent and is unable to pay its debts,” the documents say.
About 90% of Evergrande’s business is in mainland China. Its chairman, Hui Ka Yan, who is also known as Xu Jiayin, was detained by authorities for suspected “illegal crimes” in late September, further complicating the company’s efforts to recover.
It’s unclear how the liquidation order will affect China’s financial system or Evergrande’s operations as it struggles to deliver housing that has been paid for but not yet handed over to families that put their life savings into such investments.
Evergrande’s Hong Kong-traded shares plunged nearly 21% early Monday before they were suspended from trading. But Hong Kong’s benchmark Hang Seng index was up 0.9% and some property developers saw gains in their share prices. |
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Top UN court orders Israel to prevent genocide in Gaza
Law Firm News/Who We Are |
2024/01/25 15:35
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The United Nations’ top court on Friday ordered Israel to do all it can to prevent death, destruction and any acts of genocide in Gaza, but the panel stopped short of ordering Jerusalem to end the military offensive that has laid waste to the Palestinian enclave.
In a ruling that will keep Israel under the legal lens for years to come, the court offered little other comfort to Israel in a genocide case brought by South Africa that goes to the core of one of the world’s most intractable conflicts. The court’s half-dozen orders will be difficult to achieve without some sort of cease-fire or pause in the fighting.
“The court is acutely aware of the extent of the human tragedy that is unfolding in the region and is deeply concerned about the continuing loss of life and human suffering,” said court President Joan E. Donoghue.
The ruling amounted to an overwhelming rebuke of Israel’s wartime conduct and added to mounting international pressure to halt the nearly 4-month-old offensive, which has killed more than 26,000 Palestinians, decimated vast swaths of Gaza and driven nearly 85% of its 2.3 million people from their homes.
Allowing the accusations to stand stung the government of Israel, which was founded as a Jewish state after the Nazi slaughter of 6 million Jews during World War II.
Israeli Prime Minister Benjamin Netanyahu said the fact that the court was willing to discuss the genocide charges was a “mark of shame that will not be erased for generations.” He also vowed to press ahead with the war.
The power of the ruling was magnified by its timing, coming on the eve of International Holocaust Remembrance Day. |
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Pita Limjaroenrat: Thailand court to decide if politician will lose his seat
Information/News |
2024/01/20 09:41
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Thailand’s Constitutional Court is set to decide Wednesday whether popular politician Pita Limjaroenrat, who was blocked from becoming prime minister, should now lose his seat in Parliament.
The election victory last year by Pita’s progressive Move Forward party reflected a surprisingly strong mandate for change among Thai voters after nearly a decade of military-controlled government. But the party was denied power by members of the unelected and more conservative Senate.
Pita was suspended from his lawmaking duties pending the court ruling Wednesday on whether he violated election law due to his ownership of shares in ITV, a company that is the inactive operator of a defunct independent television station. By law, candidates are prohibited from owning shares in any media company when they are registered to contest an election.
The Senate, whose members are appointed by the military, cast votes to choose a prime minister, under a constitution that was adopted in 2017 under a military government. The Move Forward party now heads the opposition in Parliament. |
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Court in Thailand acquits protesters who occupied Bangkok airports in 2008
Information/Court News |
2024/01/17 16:08
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A court in Thailand on Wednesday acquitted more than two dozen protesters who had occupied Bangkok’s two airports in 2008 of charges of rebellion and terrorism related to their demonstration, which at the time disrupted travel in and out of the country for more than a week.
The Bangkok Criminal Court declared that the members of the People’ Alliance for Democracy had neither caused destruction at the airports nor hurt anyone. However, 13 of the 28 defendants were slapped with a 20,000 baht ($560) fine each for violating an emergency decree that had banned public gatherings.
The protesters — popularly known as Yellow Shirts for the color that shows loyalty to the Thai monarchy — had occupied the airports for about 10 days, demanding the resignation of the government, which was loyal to former Prime Minister Thaksin Shinawatra. They had earlier also occupied Thaksin’s office compound for three months and blocked access to Parliament.
Thaksin was ousted by a 2006 military coup that followed large Yellow Shirt protests accusing him of corruption and disrespect to the monarchy. In 2008, Yellow Shirts stormed Don Mueang and Suvarnabhumi airports, shutting down operations and defying an injunction calling for them to leave. The siege ended only after a court ruling forced pro-Thaksin Prime Minister Somchai Wongsawat out of office.
Several dozen protesters involved in the demonstrations were divided into two groups of defendants and indicted in 2013. The verdict for the second group is to be delivered in March.
In 2011, the Civil Court ordered the leaders of the group to pay 522 million baht ($14.7 million) in damages to the state airport authority. They were declared bankrupt and had their assets seized last year to pay the sum.
Thaksin came back to Thailand last year to serve an eight-year prison term on several criminal convictions and was right away moved from prison to a state hospital because of reported ill-health. He has remained at the hospital since but his sentence was later reduced to one year, allowing for the possibility he could soon be released on parole.
His return to Thailand came as the Pheu Thai party — the latest incarnation of the party Thaksin led to power in 2001 — won a parliamentary vote to form a new government despite finishing second in elections. |
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