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Crypto lender Hodlnaut applies for judicial management to avoid forced liquidation of its business

SINGAPORE – Beleaguered crypto lender Hodlnaut on Saturday (Aug 13) filed an application with the High Court to be placed under judicial management, the company announced in a statement on Tuesday. It added that judicial management would provide the best chance of recovery. “We are aiming to avoid a forced liquidation of our assets as […]

Moscow Exchange opens bond trading to foreigners from ‘not hostile’ countries

MOSCOW (NYTIMES) – Russia has taken another step to ease restrictions that it adopted to protect its economy and financial markets from sanctions and other consequences of its invasion of Ukraine. Beginning on Monday (Aug 15), investors from “countries that are not hostile” will be allowed to trade in Russia’s bond market, the Moscow Exchange said. […]

China developers in ‘survival mode’ slashes property investment

BEIJING (REUTERS) – Chinese developers in “survival mode” sharply cut property investment in July while new construction starts suffered their biggest fall in nearly a decade, suggesting the liquidity-challenged sector is not about to turn the corner anytime soon. China’s property market, accounting for about a quarter of the economy, has been trapped in a […]

Trek 2000 founder and thumb drive inventor Henn Tan pleads guilty to falsifying accounts, cheating

SINGAPORE (THE BUSINESS TIMES) – Henn Tan, who founded the company that developed the ubiquitous thumb drive, pleaded guilty on Monday (Aug 15) to five charges of engaging in conspiracies to falsify accounts, forge documents to cover his tracks and cheat external auditors. Represented by Mr Daniel Cai and Mr Wesley Chan of Drew & […]

Singapore High Court grants crypto exchange Zipmex 3-month creditor protection

SINGAPORE (THE BUSINESS TIMES) – Cryptocurrency exchange Zipmex, crippled by its exposure to crypto companies Babel Finance and Celsius Network, has been given a three-month extension of its moratorium by the Singapore High Court. Zipmex disclosed in July that it had US$48 million (S$66 million) of exposure to Babel and US$5 million with Celsius, becoming the […]