End of an Era: China’s Real Estate Tycoon Hui Ka Yan Faces His Downfall (Photo: Evergrande Group Website) Following Evergrande’s deepening debt crisis, the fate of Hui Ka Yan, also known as Xu Jiayin, often referred to as the “Chinese real estate magnate,” has taken a dramatic turn. On the evening of September 28, China…
Sept 29 (Reuters) – The founder of China Evergrande (3333.HK), the world’s most indebted property developer, is being investigated for “illegal crimes”, a fresh challenge for the tycoon and his embattled company as it struggles to stay afloat. Hui Ka Yan, 64, who founded Evergrande in 1996 in the southern Chinese province of Guangdong, is…
The $25 trillion US Treasury market, the basis of the global financial system, where US government debt is bought and sold, is increasingly coming to resemble a giant gambling casino. Traditional mechanisms, generally models of financial conservatism, through which the market has functioned for decades, are being dispensed with. It is becoming more and more…
Maybank Manager Takes Banks Money For Gambling & Repayment Of Debts The court recently sentenced a former manager from a Maybank branch in Singapore to jail after he had taken roughly S$1.4 million from the bank. He suffered heavy losses from trading and was borrowing money from various sources to pay off his debts. The…
The Star Entertainment Group saw its shares drop heavily today after it completed a $565 million capital raise with institutional investors as the casino operator attempts to shed debt. Embattles casino operator Star Entertainment Group [ASX:SGR] has seen its share price collapse today, falling 15% after a capital raise, where it offered heavily discounted shares…
Police in Tokyo and Aichi and Fukuoka prefectures have arrested two corporate executives for allegedly aiding habitual gambling by helping domestic customers of overseas online casinos make payments, it was learned on Wednesday. Yoshiaki Maeda, 42, and Shinya Tokita, 42, became the first Japanese online casino settlement agents to be arrested on such charges. The…
Star Entertainment Group Ltd announced a refinancing action. The Australian gambling giant revealed that it is seeking to raise as much as AU$1.2 billion through a combination of debt and equity after a recent crackdown on money laundering and associations with criminal organisations across the countrys gambling sector undermined its financial capabilities. On September 25th,…
The Star Entertainment Group Ltd (ASX: SGR) share price isn’t moving this morning after the casino business announced that trading in its shares was going to be halted. This is the business that has casinos in Brisbane, Gold Coast and Sydney. What’s going on with the Star Entertainment share price? The company announced to the…
Reuters. Star Entertainment Group Ltd., a leading Australian casino operator, has initiated a trading halt for its shares until Wednesday, following regulatory scrutiny impacting the nationwide gambling sector. The company’s financial standing has been influenced by these regulatory actions, leading to a reassessment of its financial strategy. The pause in trading is in anticipation of…
Australian casino operator Star Entertainment Group Ltd. is seeking to raise as much as A$1.2 billion ($771 million) through a combination of equity and debt after a crackdown on criminal associations and money laundering across the nations gambling industry eroded its financial position. The company launched a A$750 million equity raising priced at 60 Australian…