Evergrande chairman in troubled waters: Offshore asset investigation makes waves

Photo by Robert Bye on Unsplash

China Evergrande Group‘s Chairman is currently under investigation, suspected of moving assets offshore amidst the property developer’s ongoing struggle to complete unfinished projects, according to The Wall Street Journal’s report on Monday.

Evergrande, burdened with liabilities exceeding US$300 billion (11 trillion baht), has been endeavouring to secure approval from creditors to restructure its offshore debt. However, the situation became more convoluted last week as the company expressed its inability to issue new debt due to an investigation into its main China unit.

The beleaguered developer revealed on Friday that its chairman, Hui Ka Yan, was under police surveillance, suspected of committing unspecified crimes. Reuters previously reported that a group of offshore creditors intended to unite in a court petition to liquidate the developer if a new debt restructuring plan was not proposed by the end of October.

Evergrande failed to provide a response to a Reuters request for comment during the week-long National Day holidays. The company, with its massive liabilities, has become emblematic of a debt crisis in China’s property sector, which is responsible for roughly a quarter of the country’s economy.

Trading activity for shares of Evergrande and two of its subsidiaries was halted on Thursday, following the news that Hui had been apprehended by police and was being scrutinised at a designated location, reported Bangkok Post.

In related news, cyber police foiled the plans of a massive online fraud in Nakhon Pathom. A furniture manufacturing company was taking in 100 million baht in orders but they never delivered on them causing over 1,000 customers to lose their money.

A woman, 32 year old Poonnaporn, was determined to be the perpetrator as she was the proprietor of the factory and was arrested. Read HERE to find out what happened!

Follow more of Thaiger’s latest stories on our new Facebook page HERE.

Business NewsChina NewsWorld News

Alex Morgan

Alex is a 42-year-old former corporate executive and business consultant with a degree in business administration. Boasting over 15 years of experience working in various industries, including technology, finance, and marketing, Alex has acquired in-depth knowledge about business strategies, management principles, and market trends. In recent years, Alex has transitioned into writing business articles and providing expert commentary on business-related issues. Fluent in English and proficient in data analysis, Alex strives to deliver well-researched and insightful content to readers, combining practical experience with a keen analytical eye to offer valuable perspectives on the ever-evolving business landscape.

Related Articles