Gavin Newsom isn't the only one who couldn't turn down an invitation to a birthday party at the French Laundry amid a global pandemic. The San Francisco Chronicle broke the story Tuesday that. In its November 5, 2020 press release (pdf), the French casino group (SFC) said it 'had informed its shareholders that the planned acquisition of Casigrangi was conditional on the fulfilment of several conditions precedent including the acquisition of at least 50.1 per cent of the share capital and voting rights of SFC and approval of the acquisition project by the Ministry of the Interior.
Scandal-ridden bad asset giant China Huarong Asset Management Co. Ltd.'s crisis shows no sign of ending, as possible links to two suspected cases of fraud have emerged. Altogether, these two cases may have caused the company to lose over $1 billion.
Speculation began last month after Hong Kong's Securities and Futures Commission (SFC) ordered three brokers to freeze assets up to HK$10.17 billion ($1.3 billion) owned by an unnamed chairman of a public company, pending a probe into possible fraud in which the chairman colluded with certain executives from a group to pull off two deals that might have lost the group HK$10.17 billion.
The SFC's statement, published by the local government's official gazette in late September, didn't name any individual or company. However, shareholder activist and veteran investment banker David Webb claimed on his website that the individual was likely Yang Zhihui, chairman of Hong Kong-listed casino operator Landing International Development Ltd., and the money-losing group was likely Huarong. Webb also claimed the assets were the largest ever ordered frozen in the city's history.
Some of the details revealed by the SFC match Yang, Webb wrote, and Caixin has learned that Landing International has close business ties with embattled state-owned Huarong, whose former head is under investigation in what may be the People's Republic of China's largest financial-sector corruption case since its founding in 1949.
The Hong Kong regulator said that the unnamed businessman is missing and might be abroad or facing a corruption-related investigation in China. Yang's Landing International said in late August and again on Tuesday that it has lost contact with its chairman. Caixin has learned that he was detained at an airport in Cambodia in late August.
According to the SFC, the three brokers are Kingston Securities Ltd., Satinu Markets Ltd. and HSBC Broking Securities (Asia) Ltd.
Kingston Securities has been behind several Landing International equity transactions over the past few years, and Yang is reportedly close to the couple who own its parent company, Kingston Financial Group. Chu Yuet-Wah, Kingston Financial's CEO reportedly celebrated her 60th birthday in August at the Landing International casino on South Korea's Jeju Island. Satinu has custody of 50.48% of Landing shares, which exactly matches Yang's declared stake, Webb said.
Webb is deputy chairman of the SFC's Takeovers and Mergers Panel and was an independent non-executive director of Hong Kong Exchanges and Clearing Ltd., which operates the Hong Kong Stock Exchange.
In response to a request by Caixin, the SFC said it had no comment on Webb's speculation.
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Two fraudulent deals
In the SFC statement, it pointed out two deals that it said led to the massive losses at the group. In the first transaction, the unnamed individual is suspected of colluding with certain managers at the group, which led to the group purchasing shares from the individual 'on terms which were unfavourable to the purchaser,' the SFC said.
Webb said that the deal may refer to a transaction in 2015 when Huarong bought from Yang a HK$1.44 billion stake in Telefield Holdings Ltd., now renamed China Healthcare Enterprise Group Ltd. Telefield was an electronic components manufacturer controlled by Yang. The deal generated more than HK$800 million of net profit for Yang but left Huarong with an 80% loss on its investment, or HK$1.15 billion, when it sold the stake in 2017. Shares of Telefield depreciated by more than 50% over the period.
'It is reasonably suspected that the true purpose was to enable the person to profit from the transaction at the expense of the group,' the SFC concluded.
The second deal involved the chairman selling his stake in a private company to the group at a significant overvaluation, the SFC said. Webb said that it isn't yet clear what deal this refers to, but it was worth at least HK$9.02 billion.
Shares of Huarong dropped 2.17% on Friday, while Landing International shares declined 3.3%.
Wei Yiyang contributed reporting to this article.
Contact reporter Coco Feng (renkefeng@caixin.com)
This story has been corrected to reflect that David Webb is currently deputy chairman of the Securities and Futures Commission's Takeovers and Mergers Panel
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- Investigation into former chairman sinks confidence in company that once hoped to raise nearly $3 billion on mainland
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Colton Smith's last run with a nationwide mixed martial arts promotion ended on a sour note. His first bout in his second go-round with big-time MMA went so well Saturday night that the active-duty soldier was celebrating before his fight ended.
Smith, a sergeant first class stationed at Fort Hood, Texas, outpointed fellow welterweight Washington Nunes da Silva via unanimous decision on the preliminary card of World Series of Fighting 24, held at Foxwoods Resort Casino in Connecticut. The former winner of the UFC's 'The Ultimate Fighter' competition/reality show was rarely threatened by his Brazilian foe, maintaining dominant position through much of the fight.
Smith took time to pose for the crowd from one of those dominant positions during the fight's third round. He later posted a photo of the moment on his Facebook page.
According to the SFC, the three brokers are Kingston Securities Ltd., Satinu Markets Ltd. and HSBC Broking Securities (Asia) Ltd.
Kingston Securities has been behind several Landing International equity transactions over the past few years, and Yang is reportedly close to the couple who own its parent company, Kingston Financial Group. Chu Yuet-Wah, Kingston Financial's CEO reportedly celebrated her 60th birthday in August at the Landing International casino on South Korea's Jeju Island. Satinu has custody of 50.48% of Landing shares, which exactly matches Yang's declared stake, Webb said.
Webb is deputy chairman of the SFC's Takeovers and Mergers Panel and was an independent non-executive director of Hong Kong Exchanges and Clearing Ltd., which operates the Hong Kong Stock Exchange.
In response to a request by Caixin, the SFC said it had no comment on Webb's speculation.
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Two fraudulent deals
In the SFC statement, it pointed out two deals that it said led to the massive losses at the group. In the first transaction, the unnamed individual is suspected of colluding with certain managers at the group, which led to the group purchasing shares from the individual 'on terms which were unfavourable to the purchaser,' the SFC said.
Webb said that the deal may refer to a transaction in 2015 when Huarong bought from Yang a HK$1.44 billion stake in Telefield Holdings Ltd., now renamed China Healthcare Enterprise Group Ltd. Telefield was an electronic components manufacturer controlled by Yang. The deal generated more than HK$800 million of net profit for Yang but left Huarong with an 80% loss on its investment, or HK$1.15 billion, when it sold the stake in 2017. Shares of Telefield depreciated by more than 50% over the period.
'It is reasonably suspected that the true purpose was to enable the person to profit from the transaction at the expense of the group,' the SFC concluded.
The second deal involved the chairman selling his stake in a private company to the group at a significant overvaluation, the SFC said. Webb said that it isn't yet clear what deal this refers to, but it was worth at least HK$9.02 billion.
Shares of Huarong dropped 2.17% on Friday, while Landing International shares declined 3.3%.
Wei Yiyang contributed reporting to this article.
Contact reporter Coco Feng (renkefeng@caixin.com)
This story has been corrected to reflect that David Webb is currently deputy chairman of the Securities and Futures Commission's Takeovers and Mergers Panel
Groupe Sfc Casino No Deposit
- Bad Bank's New Boss Begins by Erasing Fallen Predecessor's Legacy
- Huarong Chairman Wang Zhanfeng tells Caixin his plan to return firm to core business of dealing with distressed debt
- Asset Manager Huarong Abandons Listing in Wake of Corruption Scandal
- Investigation into former chairman sinks confidence in company that once hoped to raise nearly $3 billion on mainland
- Businessman With Huarong Link Reported Detained
- Landing International shares plunge 35% as developer reports loss of contact with Chairman Yang Zhihui
- Dec 31 06:23 PM
- 1Honor Inks Deal With Microsoft in Post-Huawei Rush to Rebuild Links to U.S. Companies
- 2Cover Story: Why the Lights Are Going Out in China
- 3Gallery: Chinese Get Into the Christmas Spirit
- 4Exclusive: China Taiping Insurance Names Finance Veteran as Next General Manager
- 5Game Studio Chief Tied to Hit Sci-Fi Series Dies After Suspected Poisoning by Co-Worker
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International's U Plan has covered over 1600 stores overseas
Colton Smith's last run with a nationwide mixed martial arts promotion ended on a sour note. His first bout in his second go-round with big-time MMA went so well Saturday night that the active-duty soldier was celebrating before his fight ended.
Smith, a sergeant first class stationed at Fort Hood, Texas, outpointed fellow welterweight Washington Nunes da Silva via unanimous decision on the preliminary card of World Series of Fighting 24, held at Foxwoods Resort Casino in Connecticut. The former winner of the UFC's 'The Ultimate Fighter' competition/reality show was rarely threatened by his Brazilian foe, maintaining dominant position through much of the fight.
Smith took time to pose for the crowd from one of those dominant positions during the fight's third round. He later posted a photo of the moment on his Facebook page.
'No one's going to to hold me down,' he said in a post-fight interview from the WSOF cage. 'I can hold anybody down in the division.'
The win put Smith at 6-4 for his pro career and 3-0 since June 2014, when he lost his last UFC fight. He earned two wins in fights near Fort Hood since his release from the UFC. online
If Smith has plans to return to the UFC, he didn't share them Saturday.
'I'm excited to be here,' he told the crowd after his fight, before ending the interview with a salute. 'World Series of Fighting is my new home. .. I'm here to stay.'
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