Asia PacificLim family s global assets on radar after Singapore court move
Anshuman DagaJessica Jaganathan
4 minute read
Founder of collapsed oil trading firm Hin Leong Trading Pte Ltd, Lim Oon Kuin, better known as O.K. Lim, arrives at the State Courts in Singapore April 30, 2021. REUTERS/Edgar Su
A Singapore court has approved a freeze on up to $3.5 billion of assets of the family behind collapsed Hin Leong Trading Pte Ltd, boosting the prospect of debt recovery from the former oil trading empire that counts some of the world s biggest banks among its creditors.
Hin Leong was wound up in March after failing in a year-long effort to restructure more than $3 billion in debts after the COVID-19-led oil crash laid bare huge losses. Founder Lim Oon Kuin admitted in a court document last year to directing the company not to disclose hundreds of millions of dollars in losses over several years. read more
EnergyLiberty Steel to sell UK assets, in talks with Credit Suisse
Reuters
2 minute read
The Liberty Steel flag flies over the steel plant in Dalzell, Scotland, Britain April 8, 2016. REUTERS/Russell Cheyne/File Photo
Tycoon Sanjeev Gupta s Liberty Steel Group said on Monday it would sell several UK assets and was holding talks with Credit Suisse about a standstill deal for its Australian unit after the collapse of Liberty s key lender Greensill Capital.
Gupta s family conglomerate had been seeking refinancing of its cash-starved web of businesses in steel, aluminium and energy after supply chain finance firm Greensill filed for insolvency in March.
Middle EastUAE bank ADCB reports soaring profit as it recovers from NMC impairments
Reuters
2 minutes read
Abu Dhabi Commercial Bank (ADCB) (ADCB.AD), UAE s third-biggest lender, reported a more than 400% surge in first-quarter profit on Sunday, after it took big impairments a year earlier due to its large exposure to troubled hospital operator NMC Health.
Net profit in January-March this year totalled 1.1 billion dirhams ($299.50 million), a 436% increase year on year and an 11% increase quarter on quarter, ADCB said.
The growth was largely due to improved cost of risk compared to Q1 20, Chief Executive Ala a Eraiqat said in the earnings statement.
EnergyTexas wind farms sue Citigroup over charges from winter storm
Liz Hampton
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The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren
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A Canadian renewable energy firm on Wednesday sued Citigroup Inc for rejecting force majeure declarations during a February winter storm and billing it over $100 million for replacement power, according to lawsuits filed in a Texas state court.
Shannon Wind and Flat Top Wind, subsidiaries of Innergex Renewable Energy Inc (INE.TO), operate North Texas wind farms that halted their wind turbines during an arctic deep freeze. Both had agreements to physically deliver power to Citi Energy, a unit of Citigroup Inc (C.N), at fixed prices.
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Air France-KLM may raise more capital to bolster its balance sheet as travel begins to recover from the Covid-19 pandemic in the coming months, its chief executive said on Monday.
Ben Smith, speaking at an online industry event as a €1.036 billion ($1.25bn) share issue by the airline group nears completion, signalled it could move relatively quickly to seek further funds and reduce debt. We do have heavy debt that is holding back our balance sheet, so this may have to get looked at again later in the year, he said, adding Air France-KLM was encouraged by European progress on vaccinations and digital health passes.