Evergrande Employees Detained After Failure to Pay Investors

Chinese police detain Evergrande employees after financial arm fails to pay investors
Employees at Evergrande Wealth Management detained, including general manager Du Liang
Detentions follow failure to make payments on 40 billion yuan of wealth products in Sept 2021
Evergrande has estimated debts of $328 billion as of end of June
Evergrande Wealth unable to make payments to investors due to liquidity crunch
Evergrande's life insurance arm taken over by state-owned entity Haigang Life Insurance

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Relevant topic timeline:

9/27/2023

Evergrande Chairman Under Police Surveillance Amid Debt Crisis

The chairman of China Evergrande Group, Hui Ka Yan, has been placed under police surveillance amid the company's worsening financial situation and regulatory investigation.

9/28/2023

Evergrande Shares Suspended as Chairman Reportedly Placed Under Surveillance Amid Ongoing Debt Crisis

Shares of China Evergrande Group were suspended on Thursday by Hong Kong's exchange, as the chairman of the embattled real estate developer is reportedly under surveillance.

9/28/2023

Chinese Worker Fined for Using VPN, Crypto Hacks and Scams Make Headlines in Asia

A Chinese worker was fined $144,907 for using a VPN to access restricted websites as part of his remote work routine, Hangzhou is airdropping 10 million digital yuan to incentivize food and beverage spending, 15 individuals have been detained in connection with the collapse of cryptocurrency exchange JPEX, and Hong Kong crypto exchange CoinEx will resume services after a $70 million hack by North Korea's Lazarus Group.

10/3/2023

Evergrande Shares Rebound Over 20% Despite Chairman Investigation and Broader Hong Kong Selloff

Chinese property firm Evergrande sees a jump in shares after trading resumes, despite facing scrutiny over suspected crimes.

10/4/2023

Former Ubisoft Executives Arrested in France Over Sexual Misconduct Allegations

Five former Ubisoft executives, including former VP Tommy Francois and former chief creative officer Serge Hascoët, have been detained for questioning by French authorities as part of a criminal investigation into allegations of sexual misconduct and a toxic work environment.

10/8/2023

Hong Kong Police Arrest 28th Suspect in $200 Million Cryptocurrency Scandal

Hong Kong police have made another arrest in connection with the JPEX cryptocurrency trading platform scandal, bringing the total number of arrests to 28, as the alleged financial fraud case involves HK$1.56 billion and 2,538 victims.

Topics

Posted 9/17/2023, 9:57:47 AM

Evergrande Employees Detained After Failure to Pay Investors

Chinese police detain Evergrande employees after financial arm fails to pay investors
Employees at Evergrande Wealth Management detained, including general manager Du Liang
Detentions follow failure to make payments on 40 billion yuan of wealth products in Sept 2021
Evergrande has estimated debts of $328 billion as of end of June
Evergrande Wealth unable to make payments to investors due to liquidity crunch
Evergrande's life insurance arm taken over by state-owned entity Haigang Life Insurance

scmp.com

Relevant topic timeline:

9/27/2023

Evergrande Chairman Under Police Surveillance Amid Debt Crisis

The chairman of China Evergrande Group, Hui Ka Yan, has been placed under police surveillance amid the company's worsening financial situation and regulatory investigation.

9/28/2023

Evergrande Shares Suspended as Chairman Reportedly Placed Under Surveillance Amid Ongoing Debt Crisis

Shares of China Evergrande Group were suspended on Thursday by Hong Kong's exchange, as the chairman of the embattled real estate developer is reportedly under surveillance.

9/28/2023

Chinese Worker Fined for Using VPN, Crypto Hacks and Scams Make Headlines in Asia

10/3/2023

Evergrande Shares Rebound Over 20% Despite Chairman Investigation and Broader Hong Kong Selloff

Chinese property firm Evergrande sees a jump in shares after trading resumes, despite facing scrutiny over suspected crimes.

10/4/2023

Former Ubisoft Executives Arrested in France Over Sexual Misconduct Allegations

10/8/2023

Hong Kong Police Arrest 28th Suspect in $200 Million Cryptocurrency Scandal