Asia Roundup
Australia Ramps Up Private Credit Scrutiny, Demanding More Data
Australia’s corporate regulator is boosting supervision of the private credit industry by requesting more detailed data from funds on a weekly basis, Bloomberg reported.
In a questionnaire sent this week to private credit fund managers, the Australian Securities & Investments Commission asked for data on key metrics such as defaults, redemption requests, the composition of retail and wholesale investors, liquidity and leverage. ASIC has asked for the data to be submitted every Thursday for the next six weeks.
Vietnam Police Bust Multi-Billion Dollar Crypto Scam
Police in Vietnam said they busted a multi-billion-dollar scam that centered on selling fake digital currency to unsuspecting victims on an “exceptionally large scale”, AFP reported via CNA.
At least seven people were arrested in connection with the fraudulent platform that was visited by millions of Vietnamese people.
Unlike neighbouring China, which has banned cryptocurrencies outright, Vietnam has allowed blockchain technology to develop in a legal grey area – barring its use for payments but letting people speculate unimpeded.
Malaysia’s Sunway Makes Case for IJM Buy
Sunway believes its offer to acquire IJM Corp is appropriately valued amid some skepticism from the general public and an early rejection from the latter’s 13.5% shareholder, Permodalan Nasional Bhd (PNB), The Star reported.
The group retained its stance that it will walk away from this proposed acquisition if it did not obtain a majority of IJM’s shareholders approval (50% plus one share).
Commenting on PNB’s reported rejection, Sunway’s chairman Jeffrey Cheah said the fund may not have been serious as they had rejected it three weeks ahead of the deadline.
“My take is that they are playing a bit of poker but my hope is that they will come to their good reasoning and vote for this takeover when the time comes on 6 April – and I believe they will, based on our compelling offer,” he said.
Indonesia Roundup
MSCI Deadline Tests Indonesia’s Resolve to Fix Opaque Ownership
A looming MSCI decision over Indonesia’s market status is highlighting the challenge regulators face to address opaque ownership structures and poor disclosures by the nation’s biggest companies, Bloomberg reported.
Regulators are trying to identify ultimate ownership and stakes in a system where tycoons routinely hide behind a web of related parties and affiliates to avoid scrutiny. The clash is pitting understaffed regulators with a patchy track record against powerful elites who have used that system to dominate large parts of Southeast Asia’s largest economy.
Garuda Indonesia Says PKPU Ratification Recognized by French Court
Garuda Indonesia said its local in-court restructuring (PKPU) ratification has been recognized by the French court.
The Paris Civil Court also ordered Greylag Goose Leasing to pay legal costs to the Indonesian flag carrier and its French subsidiary, Garuda Indonesia Holiday France, according to its stock exchange filing.