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Top related persons:
Evergrande - 2 Sumeet Chatterjee - 2 Lincoln - 2 David Kirton - 1 EVERGRANDE - 1 Hui Ka Yan - 1 Clare Jim - 1 Scott Murdoch - 1
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Shenzhen Guangdong province China HONG KONG Hong Kong Guangzhou Sydney firming
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REUTERS - 2 HK - 2 China Oceanwide Holdings - 2 Thomson - 2 China Evergrande - 1 Bermuda Court - 1 Evergrande - 1 Services - 1

Search resuls for: "Bermuda Court"


9 mentions found


☆ Explainer: Possible Evergrande liquidation order and what happens next
  + stars: | 2023-11-30 | by ( Clare Jim Scott Murdoch | Clare Jim | Scott Murdoch | ) www.reuters.com   time to read: +4 min
They would also investigate the company's affairs and could refer any suspected misconduct by directors to Hong Kong prosecutors. Evergrande could appeal a liquidation order, but the liquidation process would proceed pending appeal. China Oceanwide Holdings (0715.HK) suspended its shares in September after a Bermuda Court issued a liquidation order. So far over 53 billion yuan ($7.2 billion) of Evergrande's assets have been seized or frozen across China, local media have reported, citing court records. ($1 = 7.3170 Chinese yuan renminbi)Reporting by Clare Jim in Hong Kong and Scott Murdoch in Sydney; Editing by Sumeet Chatterjee, Lincoln Feast and William MallardOur Standards: The Thomson Reuters Trust Principles.
Persons: David Kirton, EVERGRANDE, Evergrande, Hui Ka Yan, Clare Jim, Scott Murdoch, Sumeet Chatterjee, Lincoln, William Mallard Organizations: China Evergrande, REUTERS, HK, China Oceanwide Holdings, Bermuda Court, Evergrande, Services, New Energy Vehicle Group, Thomson Locations: Shenzhen, Guangdong province, China, HONG KONG, Hong Kong, Guangzhou, Sydney
☆ Evergrande's debt revamp roadblock hits China property investors' sentiment
  + stars: | 2023-09-25 | by ( ) www.reuters.com   time to read: +4 min
China Evergrande Group's logo is seen on its headquarters in Shenzhen, Guangdong province, China, Sept. 26, 2021. "Its debt restructuring plan is now stuck and can't go any further," said Steven Leung, sales director at UOB Kay Hian in Hong Kong. Evergrande's offshore debt restructuring involves a total of $31.7 billion, which includes bonds, collateral and repurchase obligations, potentially making it one of the world's biggest such exercises. "Concern over the financial health (of developers) still clouds the property sector, especially those smaller property developers with high gearing but very few property projects on hand," Leung said. The latest roadblock in Evergrande's debt restructuring plan opens a new front for the developer just a week after police detained some staff at its wealth management unit, sending its shares slumping.
Persons: Aly, Group's, Hengda, Hong, Steven Leung, UOB Kay Hian, Leung, Evergrande, Donny Kwok, Anne Marie Roantree, Sumeet Chatterjee, Lincoln, Sam Holmes Organizations: REUTERS, HK, Hengda, Estate Group Co, China Oceanwide Holdings, National Bureau of Statistics, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, firming, Seng, Hong Kong, Bermuda
☆ Bidzina Ivanishvili: Credit Suisse ordered to pay $926 million to Georgia's former prime minister
  + stars: | 2023-05-26 | by ( ) edition.cnn.com   time to read: +3 min
Credit Suisse was ordered to pay $926 million to Georgia’s former prime minister Friday for losing part of his fortune, in a Singapore court ruling that represents one of the biggest legal awards made against the bank. Credit Suisse (CSGKF) said it would appeal the decision. Billionaire businessman Ivanishvili, who was Georgia’s prime minister in 2012 to 2013, had placed $1.1 billion under the custodianship of Credit Suisse Trust in 2005, the court heard. It should have prevented Patrice Lescaudron, an adviser at Credit Suisse Trust in Singapore who was later convicted of fraud, from having access to them. AppealThe $926 million to be paid by Credit Suisse will be reduced by $79 million it had already paid in December.
☆ Factbox: FACTBOX Credit Suisse's troubles - spies, money laundering and central bank cash
  + stars: | 2023-03-16 | by ( ) www.reuters.com   time to read: +6 min
Lescaudron was convicted by a Swiss court in 2018 of having forged the signatures of former clients, including Ivanishvili, over an eight-year period. Credit Suisse has said it expects the case, which it is appealing, to cost it around $600 million. The hedge fund's highly leveraged bets on certain technology stocks backfired and the value of its portfolio with Credit Suisse plummeted. Swiss regulators have rebuked Credit Suisse for "serious" failings in its handling of the multi-billion dollar business with Greensill. In response, Credit Suisse said it condemned the spying and had taken "decisive" steps to improve its governance and strengthen compliance.
☆ Factbox: Credit Suisse's troubles - spies, money laundering and takeover
  + stars: | 2023-03-16 | by ( ) www.reuters.com   time to read: +6 min
Credit Suisse has said it expects the case, which it is appealing, to cost it around $600 million. The hedge fund's highly leveraged bets on certain technology stocks backfired and the value of its portfolio with Credit Suisse plummeted. Swiss regulators have rebuked Credit Suisse for "serious" failings in its handling of the multi-billion dollar business with Greensill. Switzerland's financial regulator said Credit Suisse had misled it about the scale of the spying. In response, Credit Suisse said it condemned the spying and had taken "decisive" steps to improve its governance and strengthen compliance.
☆ Credit Suisse to pay $234 million to end French tax probe
  + stars: | 2022-10-24 | by ( Tangi Salaün | ) www.reuters.com   time to read: +3 min
The agreement resolves an investigation in France over whether the Swiss bank, which is trying to recover from losses and scandals, helped clients to avoid paying tax on their wealth. Credit Suisse lawyers declined to answer questions on the settlement in court, with one of them saying that the deal was the best way to "turn the page". Credit Suisse shares dipped slightly after news of the settlement. One of Switzerland's systemically important banks, Credit Suisse is scheduled to release details of its strategic review alongside third-quarter results on Oct. 27. The U.S. Justice Department is also reported to be investigating whether Credit Suisse continued helping U.S. clients hide assets from authorities, eight years after the Swiss bank paid a $2.6-billion tax evasion settlement.
☆ Credit Suisse settles French tax probe for 238 mln euros
  + stars: | 2022-10-24 | by ( Tangi Salaün | ) www.reuters.com   time to read: +2 min
PARIS, Oct 24 (Reuters) - Credit Suisse Group (CSGN.S) settled a tax fraud and money laundering case in France on Monday with a 238 million euro ($234 million) payment to the state, putting another legal headache behind it as it readies to unveil a strategic overhaul. The agreement, announced in a French court and confirmed buy the bank in a statement, resolves the investigation in France over whether the Swiss bank helped clients avoid paying tax on their wealth. The alleged scheme, which prosecutors say took place in several countries between 2005 and 2012, caused a fiscal damage of over 100 million euros to the French state, the prosecution office said. One of Switzerland's systemically important banks, Credit Suisse is scheduled to release details of a much-anticipated strategic review alongside third-quarter results on Oct. 27. The U.S. Justice Department is also reportedly investigating whether Credit Suisse continued helping U.S. clients hide assets from authorities, eight years after the Swiss bank paid a $2.6-billion tax evasion settlement.
☆ Credit Suisse looks for capital from Mideast, top banker to leave
  + stars: | 2022-10-17 | by ( John Revill Oliver Hirt | John Revill | Oliver Hirt | ) www.reuters.com   time to read: +4 min
A clock is seen near the logo of Swiss bank Credit Suisse at the Paradeplatz square in Zurich, Switzerland October 5, 2022. Abu Dhabi and Saudi Arabia were weighing up, through their sovereign wealth funds, whether to put money into Credit Suisse's investment bank and other businesses, Bloomberg reported. A spokesperson for Credit Suisse declined to comment, reiterating that it will update on its strategy review when it announces third-quarter earnings. The largest Middle Eastern sovereign fund investor in Credit Suisse, the Qatar Investment Authority, declined to comment. The New Jersey case was the largest of its remaining exposure on its legacy RMBS business, Credit Suisse said, with five remaining cases, all far smaller, still in litigation.
☆ Credit Suisse pays $495 mln to settle legacy U.S. case
  + stars: | 2022-10-17 | by ( John Revill | ) www.reuters.com   time to read: +4 min
The latest RMBS case, brought by the New Jersey Attorney General, alleged Credit Suisse had "misled investors and engaged in fraud or deceit in connection with the offer and sale of RMBS." "Credit Suisse is pleased to have reached an agreement that allows the bank to resolve the only remaining RMBS matter involving claims by a regulator," the bank said in a statement. "The settlement, for which Credit Suisse is fully provisioned, marks another important step in the bank’s efforts to pro-actively resolve litigation and legacy issues." The New Jersey case was the largest of its remaining exposure on its legacy RMBS business, Credit Suisse said, with five remaining cases at various stages of litigation. The U.S. Justice Department is also investigating whether Credit Suisse continued helping U.S. clients hide assets from authorities, eight years after the Swiss bank paid a $2.6-billion tax evasion settlement.
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