Insolvency Guardian Media Centre
An Indonesian businessman on trial for corruption allegations involving state-owned PT Jiwasrayas insurance and investment group is accused of having used more than Rp28.3 billion (US$1.9 million) in state funds to re-pay gambling debts in Macau, according to Antara News.
Heru Hidayat, President Commissioner in PT Trada Alam Minera Tbk, a marine and terminal services section of the fund, is accused by Indonesian prosecutors of laundering money obtained from the Indonesian state health insurance group at casinos in Singapore, New Zealand, and Macau.
In January of this year, Indonesian auditors uncovered a US$2 billion hole in the state-owned insurance company, in a scandal impacting 17,000 buyers of investment products and 7 million cli…
Read the full article at: https://www.macaubusiness.com/indonesian-businessman-accused-of-using-almost-us2mln-of-state-funds-in-local-casinos/
Dozens of scantily dressed Filipina croupiers stand in booths shuffling cards in front of a webcam, their faces softly illuminated by professional lighting.
Nearby, rows of Chinese nationals sit at desks chatting on cellphones with potential clients back in China.
This is what a typical POGO — or a Philippine Offshore Gaming Operator — looks like, according to descriptions provided to CNN by several gaming experts. Some are based in abandoned malls, while others are found in converted parking lots or cheap rented offices, they say.
In the past three years, the Philippines has emerged as a major hub for online gaming, according to Filip…
Read the full article at: https://www.9news.com.au/national/philippines-casinos-catering-to-illicit-chinese-gamblers-kidnapping-on-the-rise-manila/93d89fba-0b7d-4962-bc3f-2df18ec73772
Emerging economies have raised more than $83bn through the international bond market since the beginning of April, just weeks after a push by the G20 to offer many poorer nations debt relief.
Data collated by the Institute of International Finance, an industry association, show that developing economies are financing their coronavirus-driven deficits by accessing the global financial markets, rather than by attempting to restructure their existing borrowings.
This marks a turnround from the panic that gripped markets in March, when debt issuance froze and foreign investors withdrew a record $83bn from stock and bond markets in the 30 largest emerging economies, according to the IIF outflows that dwarfed those experienced in the financi…
Read the full article at: https://www.ft.com/content/54c545aa-01b5-4e95-8adc-e680f5d82be1
Matt Blatt has closed its doors, with customers accusing the copa. This comes as Kogan acquired the companys assets in mid-May for $4.4 million.
Matt Blatt has collapsed, leaving some customers out of pocket. This comes after Kogan acquired some of the business assets for $4.4. million in mid-May.
Some of these customers are said to have paid in advance for sofas and other pieces of furniture, of which they have received no further details, according to the AFR.
The furniture company now owes more than 3,000 customers money, with some customers claiming online that the retailer will not fulfil the orders. Those who are owed more than $1,000 were reportedly notified about the collapse a fortnight ago via SMS, The Guardian reported.
Ac…
Read the full article at: https://powerretail.com.au/news/matt-blatt-collapses-leaving-customers-high-and-dry/
Treasurer Josh Frydenberg and his department, financial regulators, banks, business groups and insolvency practitioners are consulting on the planned roll-off of the measures.
One suggestion has been to extend by a few months the moratorium on directors being liable for insolvent trading, or to prolong the time companies have to respond to demands from creditors and to appoint administrators.
Banks have been contacting borrowers to see if they can resume their repayments before September.
APRA capital relief
The Australian Prudential Regulation Authority granted banks temporary capital relief for the deferred loans, rather than forcing banks to incur capital losses against the potential bad loans.
With banks poised to extend loan repaym…
Read the full article at: https://www.afr.com/policy/economy/potential-avalanche-of-small-company-wind-ups-looms-20200514-p54sxv
(MENAFN – Trend News Agency) BAKU, Azerbaijan, Jun. 14
By Nargiz Sadikhova – Trend:
Implementation of the project of Asian Development Bank (ADB) to support overall business restructuring and transformation plan of Samruk-Energy, Kazakhstan’s largest power generation company, is underway, ADB representative told Trend .
The official said that ADB’s current non-sovereign loan portfolio in Kazakhstan includes three projects for about $162 million.
The ongoing projects in private sector include, apart from the loan to Samruk-Energy, two loans to support the construction and operation of solar power plants of a 50MW and 100 MW installed capacity in the Southern Kazakhstan.
“The solar power plants in South Kazakhstan that ADB is financing …
Read the full article at: https://menafn.com/1100323417/ADB-supporting-business-restructuring-of-Kazakhstans-largest-power-generation-company
Podcast: Two Cents’ Worth
When Christchurch bookkeeper and business owner Lisa Cowe was declared bankrupt in 2017, it was over a $6,200 credit card debt owed to the BNZ.
Cowe joined 1862 others in bankruptcy that year, many of them voluntarily making the move to clear their debts and attempt to start anew, free of the debt that had been weighing them down.
In bankruptcy, your slate of unpayable debts is wiped clean. For many, it is final relief after years of financial stress.
For Lisa Cowe it was different. She fought bankruptcy all the way, angered by her treatment at the hands of the banks she owed money to and the debt collectors assigned to pursue her for payment. It was also a matter of pride.
Subscribe to Two Cents’ Worth for…
Read the full article at: https://www.newsroom.co.nz/2020/06/15/1230245/losing-it-all-a-personal-story-of-bankruptcy
Weve all made financial decisions weve come to regret. Now, lets add another wrinkle to this scenario. What if you knew these purchases were impulsive but you made them anyway? What if you knew bills were piling up but you werent able to bring yourself to look at them, let alone pay them? What if you werent able to talk about your financial difficulties with your family, spouse or partner without getting defensive and taking things personally? What if you have ADHD and need debt help.
How ADHD affects money decisions
These are some of the major money problems people with Attention Deficit Hyperactive Disorder, or ADHD, as its commonly known, can have.
The DSM-5, a manual of diagnoses and criteria which psychologists use to diagnose p…
Read the full article at: https://www.moneysense.ca/spend/adhd-debt-help/
Coronavirus-hit car rental company Hertz was granted permission Friday to sell $1 billion in shares, an extraordinary move after it declared bankruptcy in the United States and Canada.
The unusual green light was given by a bankruptcy court in the US state of Delaware, which “held a hearing and approved the Motion,” according to documents filed by Hertz with the Securities and Exchange Commission (SEC).
The company says it will sell the shares at its discretion in terms of timing and volume.
Hertz is trying to capitalize on a surge in its volatile stock price since it filed for bankruptcy on May 23.
Trading at less than a dollar at the end of last week, shares are now worth three times as much, even peaking at $5.53 at the beginning of the w…
Read the full article at: https://au.news.yahoo.com/hertz-allowed-sell-1-bn-shares-despite-bankruptcy-054618049–spt.html
Phone greed imperils land
A Phitsanulok woman is warning Thais to repay their debts after the Land Execution Department seized 4 rai of family-owned land in lieu of a phone debt she failed to discharge, throwing the lives of its 11 occupants into uncertainty.
Sureeporn Srithong 38, a trader, said she is worried she and her family will be thrown off the land. The property in Phrom Phiram district was held in the names of her father and elder brother before the department seized it and sold it to a new buyer.
She would like the buyer to sell the land back to them, as it was inherited from her grandparents and they have nowhere else to go. However, the new owner, who bought the land for 530,000 baht at auction, wants …
Read the full article at: https://www.bangkokpost.com/life/social-and-lifestyle/1934424/phone-debt-haunts-family-novice-helps-mum-teen-seeks-dad
More than 3,000 customers owed money by the failed replica-furniture chain Matt Blatt are set to receive nothing, even though the company reaped more than $4.4m by selling assets in the weeks leading to its collapse.
Customers, some of whom are owed more than $1,000, were informed of the collapse by text message a fortnight ago.
The company that owned the Matt Blatt brand, Badam Trading Co, is now in the hands of liquidator David Solomons of Sydney firm dVT Group.
Badams director, Adam Drexler, closed the companys 12 stores in late March as the coronavirus crisis gripped Australia, deepening the woes of an already struggling retail sector.
In April, Badam went on to sell off warehouse stock through auction website Grays Online.
Online retaile…
Read the full article at: https://www.theguardian.com/australia-news/2020/jun/14/matt-blatt-chain-collapse-leaves-customers-out-of-pocket-despite-44m-asset-sale
WASHINGTON In a move that some bankers and commentators have called insane, coronavirus-hit car rental company Hertz was granted permission Friday to sell $1 billion in shares, an extraordinary move after it declared bankruptcy in the United States and Canada.
The unusual green light was given by a bankruptcy court in the US state of Delaware, which held a hearing and approved the Motion, according to documents filed by Hertz with the Securities and Exchange Commission (SEC).
The company says it will sell the shares at its discretion in terms of timing and volume.
A former banker at the Jefferies financial services company, Dan Polner, calle…
Read the full article at: https://www.timesofisrael.com/absolutely-insane-hertz-despite-bankruptcy-allowed-to-sell-1b-in-shares/