Asia Roundup
Repayment Question Looms as China Speeds Up Special Bond Issuance
The National Audit Office looked into how local governments across nine provinces were managing their special-purpose bonds in 2024 and found 132.6 billion yuan ($19.5 billion) in funds that had been used problematically, Caixin reported.
It was not the first such finding – audits in recent years had repeatedly turned up similar patterns. Localities had inflated projected returns to win approval, allowed funds to sit idle after disbursement, and quietly redirected money to cover operating expenses or repay unrelated debts.
Wanda Ordered to Pay Suning 1.75 Billion Yuan Over Failed IPO
A Chinese court has ordered real estate conglomerate Dalian Wanda Group to pay retailer Suning.com about 1.75 billion yuan ($250 million), ending a dispute over a failed IPO attempt, Caixin reported.
Suning received a first-instance civil judgment from the Nanjing Intermediate People’s Court ordering Wanda to refund the “remaining amount” from Suning’s 2018 investment ahead of the scrapped listing of Wanda’s commercial property management arm, while dismissing the retailer’s other claims, Suning said in a stock exchange filing.
Jet Airways Liquidation: NCLAT Backs Full Provident Fund, Gratuity for Staff
India’s National Company Law Appellate Tribunal (NCLAT) has upheld a key relief to former Jet Airways employees, ruling that their provident fund, pension and gratuity dues must be paid in full and kept outside the liquidation pool from which other creditors, including banks, will be paid, Bar and Bench reported.
Indonesia Roundup
Indonesia Posts First Trade Deficit in Six Years, Inflation Accelerates
Indonesia posted a trade deficit of USD 1.61 billion in May, its first in six years, as exports unexpectedly fell due to lower commodity shipments, while imports surged, Reuters reported via The Business Times.
The inflation rate in Southeast Asia’s biggest economy also accelerated, edging closer to the top end of the central bank’s target range.
Resource-rich Indonesia enjoyed a trade surplus every month since May 2020, but the gap had been narrowing in the months prior to May amid higher fuel imports, a weaker rupiah and softening exports.
Jardine Matheson Taps Ex-Indonesian Fund CIO as Country Head
Jardine Matheson Holdings has hired Christopher Ganis, formerly chief investment officer at sovereign wealth fund Indonesia Investment Authority, as Indonesia country head, Bloomberg reported, citing people familiar with the matter.
Ganis, who also holds the title as managing director for investments, starts on 1 July and will lead the Hong Kong conglomerate’s activities in Indonesia. Based in Jakarta, he will report to chief executive officer Lincoln Pan.
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