China Evergrande Group said on Monday (Aug 5) that its liquidators were seeking to recover about US$6 billion from seven defendants, including founder Hui Ka Yan, adding that they had obtained injunctions against three of them.
An unfinished residential development by China Evergrande Group in the outskirts of Shijiazhuang, Hebei province, China on Feb 1, 2024. China Evergrande Group said on Monday that its liquidators were seeking to recover about US$6 billion from seven defendants, including founder Hui Ka Yan, adding that they had obtained injunctions against three of them.
With more than US$300 billion of liabilities, the world's most indebted property developer was ordered by the Hong Kong High Court toIn a filing, the liquidators said they had started legal proceedings in late March against seven defendants, who also include former CEO Xia Haijun and former Chief Financial Officer Pan Darong, as well as founder Hui's former spouse Ding Yumei, and three entities associated with Hui and Ding.
The liquidators said they had obtained injunctions restraining Hui, Ding and Xia from dealing with, disposing of, or diminishing the value of their worldwide assets up to various prescribed limits."The proceedings are ongoing and there is no certainty as to whether or not they will be successful and as to the amount that may ultimately be recovered by the company," said joint liquidators Edward Middleton and Tiffany Wong from Alvarez and Marsal.
The liquidators aim to recover dividends and remuneration totalling US$6 billion that Evergrande paid to the seven defendants on the basis of allegedly misstated financial statements for each of the financial years from 2017 to 2020. The China Securities Regulatory Commission earlier this year found that Evergrande's onshore flagship unit Hengda Real Estate had overstated revenue by US$78 billion over two years, until 2020.We know it's a hassle to switch browsers but we want your experience with CNA to be fast, secure and the best it can possibly be.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Philippines says China 'mischaracterised' South China Sea resupply mission dealMANILA — The Philippines' Foreign Ministry on July 28 accused China of 'mischaracterising' an arrangement between them that allowed the unimpeded resupply of Filipino troops stationed on a beached naval vessel in the South China Sea.
Read more »
Philippines says China ‘mischaracterised’ South China Sea resupply mission dealBeijing says there was an “on-the-scene confirmation” before the resupply boat was allowed to move on.
Read more »
Philippines says to still assert South China Sea rights after resupply deal with ChinaMANILA — The Philippines will keep asserting its rights in the South China Sea after it reached a 'provisional arrangement' with China about its resupply missions to the contested Second Thomas Shoal, the foreign ministry said on Monday (July 22).
Read more »
China, Philippines agree on 'provisional arrangement' for South China Sea resupply missions, Manila saysMANILA — The Philippines and China have 'reached an understanding on the provisional arrangement' for resupply missions to a beached naval ship in the South China Sea, Manila's Foreign Ministry said in a statement on July 21.
Read more »
China, Philippines agree on ‘provisional arrangement’ for South China Sea resupply missionsThe missions will remain “a pure Philippine operation” amid offers for help from the US.
Read more »
China, Philippines agree on 'provisional arrangement' for South China Sea resupply missions, Manila saysMANILA: The Philippines and China have "reached an understanding on the provisional arrangement" for resupply missions to a beached naval ship in the South China Sea, Manila's foreign ministry said in a statement on Sunday (Jul 21).
Read more »