SAN JUAN, Puerto Rico When Puerto Rico attempted to shore up its chronically underfunded public-employee pensions in 2013, Francisco del Castillo knew grown men and women who wept. Under the reform package, retirement ages rose. So did employee contributions. Current and future participants were transferred to less-generous defined-contribution accounts, similar to 401(k) retirement savings plans.…
Walter Energy filed with the U.S. Bankruptcy Court a motion for the entry of an order authorizing and directing the trustee of Walter Industries deferred compensation plan trust to terminate the trust and release the trusts assets to Walter Industries. The motion explains, Because assets of a rabbi trust, by definition, belong to the grantor…
2016-04-07T14:48+02:00 14:48 07.04.2016 Bank Khreschatyk (Kyiv) from April 4, 2016, before the bank was declared insolvent, terminated duties of a member of its supervisory board and a representative of the financial department of Kyiv City Administration Viktor Padalka, who filed a resignation letter, said a report in the information disclosure system of the National Commission…
The European economy is now entering its fourth year of recovery and growth continues at a moderate rate, driven mainly by consumption. In the near term, I expect investment to gradually pick up as well, as demand increases, as businesses put their machinery back to work, and as profits increase thanks to lower energy prices…
A federal grand jury indicted Diane Kroupa and Robert Fackler on charges of tax evasion, obstruction of a tax audit, conspiracy and making and subscribing false tax returns, the U.S. Attorney for the district of Minnesota said in a statement. “As a former tax court judge, Kroupa dealt regularly with individuals who cheated on their…
Romanian prospecting company Prospectiuni Bucuresti, controlled by local investor Ovidiu Tender, has entered insolvency. The Bucharest Court approved the companys insolvency request and appointed local firm Euro Insol as judicial administrator. Euro Insol, founded by Romanian lawyer Remus Borza, is also the legal administrator of state-owned power producer Hidroelectrica. It also manages other big…
Prospectiuni, the Romanian firm providing exploration services for the oil and gas sector, has filed for insolvency. The company has been struggling with falling oil prices, posting losses in the past two years. Euro Insol was named judicial administrator of Prospectiuni. Remus Borza, the representative of Euro Insol, said that the company is dealing with…
KLEENMAID had come to the attention of federal financial agencies up to three years before it collapsed, a court has heard. Former Kleenmaid directors Andrew Eric Young, 62, and Bradley Wendell Young, 44,have pleaded not guilty at the Brisbane District Court to defrauding Westpac of a $13 million loan and 18 counts of operating a…
By Alex Dobuzinskis (Reuters) – A retired U.S. tax judge and her husband have been charged in Minnesota with cheating the government of $400,000 in taxes in a scheme that treated personal spending such as jewelry, pilates classes and overseas vacations as business expenses, prosecutors said on Monday. A federal grand jury indicted Diane Kroupa…
Editors Note: On April 2-5, 2016, Ernesto Talvi participated in the Latin America Shadow Financial Regulatory Committee (CLAAF), held in Washington, D.C. The committee is composed of a group of prestigious independent Latin American economists, former policymakers, and academics with strong expertise in the field of macroeconomics, banking and finance and whose goal is to…