Handsome dividends paid to Sears Canada shareholders even as the company was faltering and its employee pension fund was running a deficit are being reviewed by the court-appointed monitor handling the companys insolvency. The monitor is carrying out a review of certain material transactions, according a new report on the insolvency by the monitor, FTI…
TUC boss calls on government to establish group to share knowledge on collapsed firm Unions are worried about the impact of the firms collapse on sub-contractors and Carillion staff. Photograph: Darren Staples/Reuters Trade unions have demanded that a taskforce be set up to help deal with the fallout from the Carillion collapse and accused ministers…
Those payments as well as several others stretching back to 2005 were met with consternation by industry observers at the time Sears Canada gave up the ghost this year after more than a decade of pundits calling for its demise. Leah Hennel/Postmedia TORONTO Sears Canadas bankruptcy monitor is investigating more than a half billion dollars…
Ukraine’s central bank says an investigation into the country’s largest lender, PrivatBank, shows that it had been “subjected to a large-scale and coordinated fraud” over at least a decade. The fraud resulted in the bank, which was taken into state control in 2016, suffering a loss of at least $5.5 billion, the central bank said…
Gujarat NRE Coke is one of the companies affected by the recent ordinance which bars promoters from bidding for stressed assets unless they repay the interest and principal amount. Mumbai: The chairman and managing director of Kolkata-based Gujarat NRE Coke Ltd, Arun Kumar Jagatramka, has criticised bankers and regulators for allowing viable companies to go…
2.38am AEDT02:38 ITVs Joel Hills has more details of the Carillion witness statement, and its very bad news for creditors: Joel Hills (@ITVJoel) Witness statement filed at High Court by Carillion CEO is doing the rounds. Its fascinating. Reveals that expected recovery for creditors in liquidation is 0.8p – 6.6p in the £. Ouch. January…
(Adds Kolomoisky comment, quote from central bank deputy governor, background) By Natalia Zinets KIEV, Jan 16 (Reuters) – Ukraines central bank said on Tuesday an investigation into the countrys largest lender, PrivatBank, which was taken into state control in 2016, showed it had been used for money-laundering and shady deals over the course of at…
MUMBAI — Reliance Communications, which late last year exited the consumer telecom business as part of a group restructure, is investing $600 million to lay a 68,000km undersea cable spreading up to Italy and Hong Kong, with its partner China’s Alibaba Group Holding and five others funding half of the project. The company was rescued from the…
Gill Plimmer, Miles Johnston and Jim Pickard January 16, 2018 Carillion was left with just £29m in cash when it collapsed, according to a document that reveals the extent of the construction companys financial black hole. Papers seen by the Financial Times show the insolvent construction company owed £1.29bn to its banks, including a £790m…
(Adds details, background) KIEV, Jan 16 (Reuters) – Ukraines central bank said on Tuesday an investigation into PrivatBank, the countrys largest lender which was taken into state control in 2016, showed it had been used for money-laundering and shady deals over at least a decade. Representatives of PrivatBanks former main shareholders did not immediately provide…