KUALA LUMPUR, Malaysia U.S. authorities have charged a fugitive Malaysian financier and two former Goldman Sachs bankers in a money laundering and bribery scheme that allegedly pilfered billions from Malaysian state investment fund 1MDB. The corruption scandal involving the fund had already upended politics in the country. Prime Minister Najib Razak, who set up the fund, was ousted in a May election and now faces criminal charges in Malaysia. Last year, the country sank to its worst-ever rating in the influential Corruption Perceptions Index compiled by Transparency International. Heres a look at the fund and how the scandal has played out:
1MDB WHAT?
The fund, 1Malaysia Development Berhad, was set up in 2009 to promote e…
Read the full article at: https://ottawacitizen.com/pmn/business-pmn/ap-explains-the-fund-at-the-centre-of-a-scandal-in-malaysia/wcm/0e6c0c5a-e8e3-4a11-840b-b4ec85e19116
By Associated Press,
KUALA LUMPUR, Malaysia U.S. authorities have charged a fugitive Malaysian financier and two former Goldman Sachs bankers in a money laundering and bribery scheme that allegedly pilfered billions from Malaysian state investment fund 1MDB. The corruption scandal involving the fund had already upended politics in the country. Prime Minister Najib Razak, who set up the fund, was ousted in a May election and now faces criminal charges in Malaysia. Last year, the country sank to its worst-ever rating in the influential Corruption Perceptions Index compiled by Transparency International. Heres a look at the fund and how the scandal has played out:
___
1MDB WHAT?
The fund, 1Malaysia Development Berhad, was set u…
Read the full article at: https://www.washingtonpost.com/world/asia_pacific/ap-explains-the-fund-at-the-center-of-a-scandal-in-malaysia/2018/11/01/92e3a6b6-ddff-11e8-8bac-bfe01fcdc3a6_story.html
Beyond Vision Media Ltd (BVM), becomes the fourth of a group of connected companies to be shut down in the public interest.
BVM, a Manchester-based company and its sister companies, all sold customers services to improve their online business profiles, all, to little or no commercial benefit.
All four companies have been wound up following investigations by the Insolvency Service.
In the case of BVM, the alleged customer offer was to manage company business profiles on Google Places for business.
The first of the four companies operating the model to be wound-up (in April 2015), was On Line Platform Management Consultants Ltd, following that the second was Movette Ltd in July 2017 before the third TBL (UK) Ltd, in August 201…
Read the full article at: https://www.miragenews.com/fourth-connected-online-advertising-company-shut-down-in-public-interest/
The Dutch Safety Board is launching an investigation into the way in which patient safety was handled after MC Slotervaart in Amsterdam and the MC IJsselmeer hospitals in Lelystad and surroundings were declared bankrupt last week. The Safety Board wants to examine how the interests of the patients were weighed before and during the bankruptcy process, NU.nl reports.
The hospitals were declared bankrupt on Thursday. On Friday all patients in MC Slotervaart had to leave the bankrupt hospital before 3:00 p.m. Around 50 patients were transferred to other hospitals by ambulance. This was experienced as very stressful by many of the patients, healthcare professionals said, according to the newspaper.
According to MC Sloterv…
Read the full article at: https://nltimes.nl/2018/10/31/safety-board-investigates-patient-safety-bankrupt-hospitals
Up to 800 retail jobs are at risk as butchery chain Crawshaw Group collapses into administration and Mothercare cuts head office job amid tough times on the UK high street.
Up to 54 stores employing 600 people could close if a buyer for Crawshaw Group cannot be found.
The Yorkshire-based company, which was founded in 1954, expected to appoint administrators on Wednesday who will try to find buyers for the business and its assets.
Crawshaw has 42 high street shops and 12 factory outlets across the Midlands and north of England. It has been talking to investors for the past month but has failed to raise the funds it needed to survive in its current form.
Ranjit Singh Boparan, the entrepreneur known as the chicken king, is the biggest sha…
Read the full article at: https://www.theguardian.com/business/2018/oct/31/crawshaw-chain-of-butchers-falls-into-administration
The restructuring work atBT has started to deliver early gains after the UK telecoms company said that full-year profit would be at the higher end of its forecast range.
Shares in the company surged 10 per cent to 265.35p, their highest level in almost six months, as investors welcomed a better operational performance and a slightly bolder outlook.
The group said 2,000 staff in management and back office roles had left the company since May as part of a long-term restructuring plan that will ultimately result in 13,000 workers leaving the business over the next three years.
That helped to drive a 2 per cent rise in earnings before interest, taxation, depreciation and amortisation to 3.7bn in the first half as costs dropped 3 per cent….
Read the full article at: https://www.ft.com/content/cc997184-dda9-11e8-9f04-38d397e6661c
MOORESTOWN, N.J.–(BUSINESS WIRE)–Destination Maternity Corporation (NASDAQ:DEST) (the Company)
announced today a restructuring of the Companys corporate product and
sourcing teams as part of its efforts to reduce costs following ongoing
rationalization of the Companys overall product mix and improvements in
inventory efficiency. These efforts are expected to yield net cost
savings of approximately $1.2 million – $1.4 million in fiscal year
2019. This restructuring is part of the initial stages of Destination
Maternitys broader strategic plan focused on improving its long-term
growth and profitability.
Marla Ryan, CEO of Destination Maternity commented, Rec…
Read the full article at: https://www.businesswire.com/news/home/20181031005235/en/Destination-Maternity-Corporation-Update-Corporate-Restructuring
TWO linked Warrington companies that claimed to be able to recover funds for people who had lost money in alternative investments have been ordered into liquidation by the High Court.
Asset Recovery Associates Limited (ARA) was incorporated as a private company in July 2011. The linked company, Asset Recovery Resources (ARR) Limited was incorporated as a private company in December 2012. Both had the same registered office address in Liverpool Road, Warrington.
The companies held themselves out as being able to recover funds lost by victims of failed alternative investment schemes.
However, an investigation by the Insolvency Service, launched following complaints, found ARRs claims to be false. The reality was that there was lit…
Read the full article at: https://www.warrington-worldwide.co.uk/2018/11/01/two-companies-ordered-into-liquidation-by-the-high-court/
Dear Sir / Madam,
We would like to inform you that 17th meeting of Committee of Creditors of ABG Shipyard Limited was held on Tuesday, 30th October 2018 at 02.00 P.M. IST at Mayfair Banquets, 254-C Dr. Annie Besant Road, Shivaji Nagar, Worli, Mumbai-400 030, Maharashtra, India.
You are requested to take the same on record.
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/abg-shipyard-ltd-corporate-insolvency-resolution-process-cirp-updates-corporate-insolvency-resolution-process-cirp/article25379201.ece
There was a 14% increase in the number of companies here entering insolvency between July and September this year, new figures have shown.
However, the Insolvency Service statistics revealed a sharp …
Read the full article at: https://www.belfasttelegraph.co.uk/business/northern-ireland/14-rise-in-company-insolvency-rate-over-the-last-quarter-in-northern-ireland-37475248.html