Latest news with #HuiKaYan
Business Times
29-04-2025
- Business
- Business Times
Evergrande chair refuses to disclose assets, liquidators say
[HONG KONG] China Evergrande Group chairman Hui Ka Yan plans to refuse disclosing details of his assets, its liquidators said, likely complicating efforts to wind up the defaulted builder to pay back creditors. Hui expressed his intention in an Apr 23 response to the court, a lawyer representing the liquidators said in a Tuesday (Apr 29) hearing at the Hong Kong High Court. Hui's lawyer, who was at the hearing, did not push back on the liquidator's statement. While the liquidators argued for the earliest date possible for the hearing to resume, Hui's lawyer asked the court for more time given that the case is 'complex' and 'sensitive'. The judge said the hearing on Hui's case will not be held before Jun 30. Tuesday's hearing is part of a legal battle waged by the liquidators to outline and potentially claw back scraps from one of the world's biggest corporate implosions. Clarity on Evergrande's assets tied to Hui is crucial for liquidation as the filings show he controls nearly 60 per cent of the total stake. Hui's lawyer did not immediately respond to a request for comment. An emblem of China's years-long property crisis, Evergrande defaulted in 2021, resulting in a creditor petition to liquidate the company. When the court sided with creditors in early 2024, it appointed Edward Middleton and Tiffany Wong of Alvarez & Marsal as the liquidators who will also be in charge of running its operations. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Evergrande and the liquidators have since taken steps to recoup some of what creditors are owed, including filing lawsuits against Hui, his wife Ding Yumei, former chief executive officer Xia Haijun, former chief financial officer Pan Darong, and three other entities including Xin Xin (BVI). The lawsuits seek to recover US$6 billion in dividends and remuneration paid by the company on the basis that financial statements were allegedly misstated for several years going back to 2017, according to an exchange filing. Hui controls his stake largely through Xin Xin, a British Virgin Islands-based corporate entity, according to the company's latest annual report filed to the Hong Kong stock exchange. In 2023, Chinese authorities notified Evergrande that Hui has been subject to 'mandatory measures' due to 'suspicion of illegal crimes'. BLOOMBERG
Yahoo
27-03-2025
- Business
- Yahoo
PwC delays partner payouts in Hong Kong and China
PwC has postponed disbursing payments to former partners who recently retired in Hong Kong and mainland China, reported Financial Times. The delay comes as the accounting major manages the financial repercussions from its audits of the collapsed Chinese property developer Evergrande. According to four sources privy to the development, multiple equity partners who retired in recent months have yet to receive any of their contributed capital. Historically, PwC has repaid about half of the sum within months of a partner's retirement, with the remainder following later. This delay marks a deviation from the usual repayment schedule and is expected to aid in preserving cash. There is no indication that PwC has breached its obligations to former partners under the shareholder agreement governing the firm. The delays coincide with PwC's efforts to address the financial consequences of its audits of Evergrande, which received a clean bill of health from PwC for more than a decade. Since Evergrande's collapse, PwC has been fined 441m yuan ($62m) and suspended from business for six months by mainland Chinese authorities, who accused the firm of "concealing or even condoning" fraud in its audits. PwC stepped down as Evergrande's auditor in 2023. While the ban has been lifted, PwC has suffered revenue losses as Chinese clients migrated to competing audit firms. PwC also faces a potential lawsuit from Evergrande's liquidators, which could incur significant costs, though the exact amount remains unspecified. A recently retired PwC partner stated that the firm 'needs to have ample liquidity' amid the current turmoil. The payout delays affect a broad group of partners, not just those involved in Evergrande's audits, the sources said. PwC declined to comment on the matter. In March 2024, Beijing alleged that Evergrande and its founder, Hui Ka Yan, overstated revenues by nearly $80bn in 2019 and 2020. In recent months, at least 66 PwC China partners have left, marking the largest exodus in five years. Upon leaving, PwC buys back their shares at face value, with all funds to be repaid within 12 months, except for up to HK$200,000 ($25,640), which can be withheld for up to 18 months post-termination. The outstanding capital can amount to roughly 40% of a partner's final-year earnings—a significant figure, though not usually central to their retirement plans. For senior partners, repayments may run into millions of Hong Kong dollars. PwC has faced challenges in retaining major clients in China. In addition to the ban, Chinese regulations bar state-owned and mainland-listed companies from appointing auditors penalised within the past three accounting years. Some Hong Kong-listed clients have also dropped PwC recently. PwC's China unit lost about two-thirds of its accounting revenues from mainland-listed clients in the first half of last year, highlighting the scale of the fallout from its Evergrande audits. "PwC delays partner payouts in Hong Kong and China" was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
10-02-2025
- Business
- Yahoo
Houlihan Lokey Plans Asia Senior Hire After Trimming Debt Team
(Bloomberg) -- Global financial adviser Houlihan Lokey Inc. is planning to add a managing director in Hong Kong to oversee matters including debt restructuring, according to a person familiar with the matter. Nice Airport, If You Can Get to It: No Subway, No Highway, No Bridge Sin puente y sin metro: el nuevo aeropuerto de Lima es una debacle The Forgotten French Architect Who Rebuilt Marseille Citadel to Leave Namesake Chicago Tower as Employees Relocate In New Orleans, an Aging Dome Tries to Stay Super The move came after the Asia restructuring team laid off five junior employees last quarter, said the person, who declined to be identified as the matter is private. The team counts about 30 employees as of January, the person added. A representative for Houlihan declined to comment. The unprecedented defaults in the Chinese debt market fueled a hiring spree among restructuring and financial advisers. But the statistics aren't encouraging: only three out of the 10 largest developers by total liabilities that have defaulted have won court approval for their debt plans, according to Bloomberg-compiled data. China Property Flare-Ups Resurface as Crisis Enters Fifth Year An overhaul plan involving China Evergrande Group, the largest casualty of the nation's property crisis, was thrown into disarray after the company couldn't meet conditions needed to issue new notes under a proposed debt restructuring. An investigation into the firm's founder, Hui Ka Yan, also complicated the picture. To be sure, some cases are making progress. Builder Sino-Ocean Group Holding Ltd. won a London judge's approval for its debt restructuring this month. --With assistance from Eliza Ronalds-Hannon and Jackie Cai. The Reason Why This Super Bowl Has So Many Conspiracy Theories Orange Juice Makers Are Desperate for a Comeback Business Schools Confront Trump Immigration Policies Believing in Aliens Derailed This Internet Pioneer's Career. Now He's Facing Prison Inside Elon Musk's Attack on the US Government ©2025 Bloomberg L.P. Sign in to access your portfolio
