Chinas financial regulators are stepping up penalties on banks and asset managers caught hiding bad debts as Beijing grows increasingly wary of the countrys opaque cache of unpaid loans. The strengthened enforcement underlines authorities rising concerns over a potential runaway bad debt problem at smaller banks in the country, a trend that Chinas top leaders…
In 2018, regulators forced banks to recognise the bad debt disguised as special mention loans, resulting in Rmb1.75 trillion ($372.5 billion) hitting the market for bad debt sales last year, the highest level in 20 years. The aim of such tight policy is to expose the problems at the banks to the regulators, because banks…
A liquidator has been put into WA Aboriginal resources contractor Indigenous Construction Resource Group. Set up in 2010 to create employment opportunities for regional Aboriginal communities, ICRG has undertaken work for companies including Fortescue Metals Group, Buru Energy and Roy Hill Holdings. At its peak in 2016, it had more than 150 workers on its…