SeaPRwire

Kaisa bondholders reject Chinese developer’s debt swap proposal

elean
2 minutes

HONG KONG (BLOOMBERG) - Kaisa Group Holdings failed to win approval from bondholders for a debt swap designed to avert default. The firm had sought to exchange its US$400 million (S$547.5 million) of US dollar notes maturing Dec 7 for new ones due 18 months later. The offer to exchange the notes failed to meet the required 95 per cent approval rate, according to a statement from the company Kaisa, which became China's first developer to default on dollar debt in 2015, now risks once again reneging on its obligations. A crisis at the company could spur contagion risk just as global investors return to offshore property bonds. Kaisa is the nation's third-largest issuer of dollar notes among property firms, with some US$11.6 billion outstanding. "To ease the current liquidity issue and reach an optimal solution for all stakeholders, the company is assessing and is closely monitoring the financial condition and cash position of the group," a stock exchange filing from the firm said on Friday (Dec 3). "It will explore feasible solutions (including but not limited to renewal and extension of borrowings and disposing of assets)." The company previously said it may not be able to repay bon...

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Man allegedly cut printouts of currency notes as part of purported counterfeit conspiracy

aseanpr
2 minutes

SINGAPORE - A man who allegedly cut printouts of currency notes, as part of a purported conspiracy to counterfeit such notes, was charged in court on Wednesday (July 7). Mahadi Ab Latif, 44, faces one count of conspiring with a Muhammad Farhan Farus to counterfeit currency notes. Mahadi is said to have cut the printouts in a van in June this year. A man with the same name as Farhan was charged last Saturday with using a counterfeit note to buy sex enhancement pills in Geylang. The Straits Times has asked the police if the two are the same person. Mahadi was among three men arrested on Sunday for allegedly conspiring to use counterfeit notes. Counterfeit $100 "portrait series" notes amounting to $17,500 were seized from Mahadi and a 27-year-old man, who is assisting in police investigations. Portrait series banknotes were first released in 1999 and are currently in circulation. The third man, aged 63, was arrested after the police received a report that he allegedly used a counterfeit $100 note to buy a lottery ticket in Ubi Road. The police said in a statement on Tuesday that another counterfeit note and drug-related paraphernalia were found on him. He is also assisting in police i...

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Singaporeans encouraged to give e-hongbao this Chinese New Year as safer, environmentally friendlier option

aseanpr
4 minutes

SINGAPORE - With Chinese New Year around the corner, the "hongbao" - or red packets - traditionally exchanged during this period are on the minds of many Singaporeans. While hongbao are usually given hand-to-hand, it has become common practice in China for relatives to send each other e-hongbao via messaging app WeChat. In a statement on Monday (Jan 11), the Monetary Authority of Singapore (MAS) encouraged Singaporeans to opt for e-hongbao this Chinese New Year. "They will help to reduce queues for physical notes and are more environmentally friendly," MAS said. One way to send e-hongbao is via PayNow. Those who bank with Citibank, DBS Bank , OCBC Bank, Standard Chartered Bank, UOB and Maybank will soon be able to add Chinese New Year greetings and graphics when they do so. The messages can be sent via WhatsApp or SMS. "PayNow enables the tradition of giving hongbao to continue, digitally and safely. Customers may contact their bank for more information on how to send hongbao digitally with PayNow," said the Association of Banks Singapore in a separate statement on Monday. Some Singaporeans prefer gifting new physical notes but these are often returned to the banks by the public af...

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MAS will take action if CoAssets unit has breached regulations

elean
4 minutes

The Monetary Authority of Singapore (MAS) will review and take necessary action if CoAssets' licensed subsidiary - now known as CA Funding - has breached regulations. As a matter of policy, MAS does not disclose its dealings with regulated financial institutions, a spokesman said. MAS added that it is aware that police reports have been lodged against CoAssets. It also clarified that it does not regulate the group, but only the specific entity that is licensed with MAS. Hundreds of CoAssets' retail investors were left reeling early last month when it came to light that the Singapore-based alternative lending platform had transferred US$30 million (S$40 million) of its borrowings to a little-known debt recovery firm, Sunfits, according to a Tech in Asia report. Sunfits wrote in a note to investors that it could not collect on the debt as there is no "visibility" on any of the assets. In a separate e-mail sent on Monday, it was revealed that CA Funding is "currently non-operational and insolvent", with loan recovery "extremely challenging". Aggrieved investors have since filed police reports against CoAssets co-founders Getty Goh, who was the former group chief executive officer, and...

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MAS to stop issuing $1,000 notes over money laundering, terrorism financing concerns

aseanpr
2 minutes

SINGAPORE - The Monetary Authority of Singapore (MAS) will stop issuing the $1,000 note from January next year to minimise the money laundering and terrorism financing risks associated with such a large denomination. From now till January, the MAS will also limit the quantity of $1,000 notes issued each month, although banks can continue recirculating the existing $1,000 notes that have been deposited with them, it said in a statement on Tuesday (Nov 3). It added that it will "make available sufficient quantities of other denominations" to meet demand, in particular the $100 note, which is the next highest denomination after the $1,000 note. Existing $1,000 notes in circulation can continue to be used for payment, and remain legal tender, said the agency. In its statement, the agency also encouraged the public to use electronic payments instead of large denominations, which it said allows individuals to anonymously carry large sums of money, and can thus facilitate illicit activities like money laundering. The agency noted that most major jurisdictions have stopped issuing large denomination notes because of money laundering and terrorism financing concerns. More on this topic Rela...