China's Evergrande Group, the property developer at the centre of a $300 billion liquidity firestorm, announced that it has fired its senior executives in the aftermath of an internal investigation into why banks seized more than 13.4bn yuan ($2bn) from the company's property services arm.
The company forced out chief executive Xia Haijun and chief financial officer Pan Darong, who were both involved in the “deposits”, which were used as “security for third party pledge guarantees”, the company said in statements to the Hong Kong Stock Exchange, where its shares are listed.
Investigators had established that the money was taken because it was being used as a guarantee to allow a third party to obtain a loan, one statement said.
“Based on the preliminary findings of the independent investigation committee of the company, the loans secured by the pledges [after deduction of fees] were transferred and diverted back to the group via third parties and were used for the general operations of the group,” it said.
It further found that Mr Xia and Mr Pan “participated in the above arrangement. In view of this, the board resolved to request such persons to resign from their positions within the group”.
The pledges involved three sets of deposit certificate pledges, including a 2bn yuan deposit certificate pledge guarantee, an 8.7bn yuan deposit certificate pledge guarantee and a 2.7bn deposit certificate pledge guarantee, the statement said.
Evergrande appointed Siu Shawn as its chief executive, who will also remain in his current role as an executive director.
Qian Cheng, a current vice president, was named chief financial officer and executive director, while Liu Zhen, another vice president, was also appointed as an executive director.
Evergrande, one of China's biggest developers, has been embroiled in a liquidity crisis afree property sales dived in 2021, the first annual drop in at least a decade, as the builder slipped into default and buyer confidence faded.
The resignations come as Evergrande is fighting for survival and working to reach a restructuring agreement with debtors, to whom it owes an estimated $300bn.
Contracted sales dropped 39 per cent to 443bn yuan last year, according to Bloomberg calculations, making it the world’s most indebted developer and one whose sales have been believed to be almost frozen since October, when its liquidity woes intensified.
The company's troubles have had a domino effect throughout China's vast property sector, with some smaller firms also defaulting on loans and others struggling to gain enough funding.
China's real estate firms have long been heavily dependent on loans to finance their massive developments, but Beijing's push to rein in indebtedness has cut cash flows, leaving these companies in serious problems.
This month, Shimao Group Holdings missed payment on a $1bn bond, its first default on a public bond after months of mounting stress. Its delinquency is among the biggest dollar payment failures so far this year in China.
In a separate statement, Evergrande said there was “no disagreement” between Mr Zia and Mr Pan and its board of directors, and that there was no need to further escalate the matter to its shareholders.
In recent months, Evergrande has rushed to offload its assets, with its chairman Hui Ka Yan resorting to his personal wealth to pay off some of its debts.
Evergrande halted trading in its shares on January 3 after local media reported that the company has been ordered to tear down apartment blocks in a development in Hainan province. It resumed trading the following day.
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
Favourite things
Luxury: Enjoys window shopping for high-end bags and jewellery
Discount: She works in luxury retail, but is careful about spending, waits for sales, festivals and only buys on discount
University: The only person in her family to go to college, Jiang secured a bachelor’s degree in business management in China
Masters: Studying part-time for a master’s degree in international business marketing in Dubai
Vacation: Heads back home to see family in China
Community work: Member of the Chinese Business Women’s Association of the UAE to encourage other women entrepreneurs
Rajasthan Royals 153-5 (17.5 ov)
Delhi Daredevils 60-4 (6 ov)
Rajasthan won by 10 runs (D/L method)
Who is Tim-Berners Lee?
Sir Tim Berners-Lee was born in London in a household of mathematicians and computer scientists. Both his mother, Mary Lee, and father, Conway, were early computer scientists who worked on the Ferranti 1 - the world's first commercially-available, general purpose digital computer. Sir Tim studied Physics at the University of Oxford and held a series of roles developing code and building software before moving to Switzerland to work for Cern, the European Particle Physics laboratory. He developed the worldwide web code as a side project in 1989 as a global information-sharing system. After releasing the first web code in 1991, Cern made it open and free for all to use. Sir Tim now campaigns for initiatives to make sure the web remains open and accessible to all.
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Engine: 5.7L V8
Transmission: Eight-speed automatic
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BOSH!'s pantry essentials
Nutritional yeast
This is Firth's pick and an ingredient he says, "gives you an instant cheesy flavour". He advises making your own cream cheese with it or simply using it to whip up a mac and cheese or wholesome lasagne. It's available in organic and specialist grocery stores across the UAE.
Seeds
"We've got a big jar of mixed seeds in our kitchen," Theasby explains. "That's what you use to make a bolognese or pie or salad: just grab a handful of seeds and sprinkle them over the top. It's a really good way to make sure you're getting your omegas."
Umami flavours
"I could say soya sauce, but I'll say all umami-makers and have them in the same batch," says Firth. He suggests having items such as Marmite, balsamic vinegar and other general, dark, umami-tasting products in your cupboard "to make your bolognese a little bit more 'umptious'".
Onions and garlic
"If you've got them, you can cook basically anything from that base," says Theasby. "These ingredients are so prevalent in every world cuisine and if you've got them in your cupboard, then you know you've got the foundation of a really nice meal."
Your grain of choice
Whether rice, quinoa, pasta or buckwheat, Firth advises always having a stock of your favourite grains in the cupboard. "That you, you have an instant meal and all you have to do is just chuck a bit of veg in."
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The specs
Engine: 3.0-litre six-cylinder turbo
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Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
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Price: From Dh330,000 (estimate)
The specs: 2018 Ducati SuperSport S
Price, base / as tested: Dh74,900 / Dh85,900
Engine: 937cc
Transmission: Six-speed gearbox
Power: 110hp @ 9,000rpm
Torque: 93Nm @ 6,500rpm
Fuel economy, combined: 5.9L / 100km
Results
4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m; Winner: MM Al Balqaa, Bernardo Pinheiro (jockey), Qaiss Aboud (trainer)
5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m; Winner: AF Rasam, Tadhg O’Shea, Ernst Oertel
5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Mukhrej, Tadhg O’Shea, Ernst Oertel
6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m; Winner: Mujeeb, Richard Mullen, Salem Al Ketbi
6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m; Winner: Jawal Al Reef, Antonio Fresu, Abubakar Daud
7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m; Winner: Ashton Tourettes, Pat Dobbs, Ibrahim Aseel
7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m; Winner: Nibraas, Richard Mullen, Nicholas Bachalard
Married Malala
Malala Yousafzai is enjoying married life, her father said.
The 24-year-old married Pakistan cricket executive Asser Malik last year in a small ceremony in the UK.
Ziauddin Yousafzai told The National his daughter was ‘very happy’ with her husband.
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15 years, 181 days old
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