SINGAPORE: A director of a consultancy business misappropriated a sum of S$1.5 million (US$1.1 million) a woman had forked out as a deposit for a loan of S$15 million she intended to get for her real estate business. The director kept S$250,000 for himself and gave the rest to the purported financier, who had actually…
DetailsEmbracer Group has announced its financial results for the first fiscal quarter ended June 30. The Swedish holding company saw growth in key business metrics, also saying that its restructuring is proceeding according to plan. Financial highlights According to its latest report, Embracer Groups net sales reached SEK 10.45 billion ($955.3 million), up 47% year-over-year.…
DetailsExecutive Summary On 28 September 2022, the Federal Government, through the Parliamentary Joint Committee on Corporations and Financial Services (the Committee), commenced an inquiry into the effectiveness of Australias corporate insolvency laws in protecting and maximising value for the benefit of all interested parties and the economy (the Inquiry). See here the link to our earlier…
DetailsStaff at a plumbing company that went bust owing millions have lifted the lid on the desperate measures they took in the months leading up to the collapse. Earlier this month, news.com.au revealed that C & S Plumbing Pty Ltd had gone into liquidation. Simon Nelson of insolvency firm BPS Recovery and Reconstruction is the…
Details(Adds Chinese central bank comments) By Jason Xue and Clare Jim SHANGHAI/HONG KONG, Aug 17 (Reuters) – A major Chinese asset manager has told its investors it needs to restructure its debt, stoking fears that a chain of defaults could spread through the financial sector and deliver a destabilising shock to the country’s weakened economy.…
Details[PHOTO: Timothy A. Clary] A former associate of Phil Mickelson has alleged Mickelson was involved in a previously unknown money-laundering investigation, according to an excerpt from a new book. In Gambler: Secrets from a Life at Risk, sports bettor Billy Walters details his relationship with Mickelson. Among the revelations in an excerpt of the autobiography…
DetailsThe company faces scrutiny for not shutting down the power prior to the fire. Lawyers have wasted no time filing lawsuits. Authorities have yet to conclude what caused the fire that tore through Lahaina, leaving at least 110 people dead, but the utility that powers most of Hawaii is already facing mounting legal and financial…
DetailsBetter Business Bureau study on debt relief and credit repair finds some companies fail Published 8:55 am Thursday, August 17, 2023 A study by Better Business Bureau finds that while people in North America struggle to pay trillions of dollars in debt, some look for help from companies promising to help reduce or eliminate their…
DetailsA company created to help the government chase unpaid fines, loans and council tax saw its profits rocket by 132% last year. Integrated Debt Services (IDS), which trades as Indesser and whose parent company is the credit information firm Equifax, saw its pre-tax profits rise to 18.1m in 2022, sharply up on 2021s figure of…
DetailsLONDON, Aug 17 (Reuters) – Chile’s Codelco, the world’s largest copper producer, is at risk of insolvency due to rising costs and a growing debt pile stemming from projects that missed output targets, Chiles Centre for Copper and Mining Studies (CESCO) said in a report seen by Reuters. In a rare intervention, the influential industry…
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