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Hong Kong court orders China's Evergrande, which owes $300 billion, to liquidate
Court Line |
2024/01/29 19:21
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A Hong Kong court ordered China Evergrande, the world’s most heavily indebted real estate developer, to undergo liquidation following a failed effort to restructure $300 billion owed to banks and bondholders that fueled fears about China’s rising debt burden.
“It would be a situation where the court says enough is enough,” Judge Linda Chan said Monday. She said it was appropriate for the court to order Evergrande to wind up its business given a “lack of progress on the part of the company putting forward a viable restructuring proposal” as well as Evergrande’s insolvency.
China Evergrande Group is among dozens of Chinese developers that have collapsed since 2020 under official pressure to rein in surging debt the ruling Communist Party views as a threat to China’s slowing economic growth. But the crackdown on excess borrowing tipped the property industry into crisis, dragging on the economy and rattling financial systems in and outside China.
Chinese regulators have said the risks of global shockwaves from Evergrande’s failure can be contained. The court documents seen Monday showed Evergrande owes about $25.4 billion to foreign creditors. Its total assets of about $240 billion are dwarfed by its total liabilities.
“It is indisputable that the company is grossly insolvent and is unable to pay its debts,” the documents say.
About 90% of Evergrande’s business is in mainland China. Its chairman, Hui Ka Yan, who is also known as Xu Jiayin, was detained by authorities for suspected “illegal crimes” in late September, further complicating the company’s efforts to recover.
It’s unclear how the liquidation order will affect China’s financial system or Evergrande’s operations as it struggles to deliver housing that has been paid for but not yet handed over to families that put their life savings into such investments.
Evergrande’s Hong Kong-traded shares plunged nearly 21% early Monday before they were suspended from trading. But Hong Kong’s benchmark Hang Seng index was up 0.9% and some property developers saw gains in their share prices. |
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Court in Thailand acquits protesters who occupied Bangkok airports in 2008
Court Line |
2024/01/17 23:59
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A court in Thailand on Wednesday acquitted more than two dozen protesters who had occupied Bangkok’s two airports in 2008 of charges of rebellion and terrorism related to their demonstration, which at the time disrupted travel in and out of the country for more than a week.
The Bangkok Criminal Court declared that the members of the People’ Alliance for Democracy had neither caused destruction at the airports nor hurt anyone. However, 13 of the 28 defendants were slapped with a 20,000 baht ($560) fine each for violating an emergency decree that had banned public gatherings.
The protesters — popularly known as Yellow Shirts for the color that shows loyalty to the Thai monarchy — had occupied the airports for about 10 days, demanding the resignation of the government, which was loyal to former Prime Minister Thaksin Shinawatra. They had earlier also occupied Thaksin’s office compound for three months and blocked access to Parliament.
Thaksin was ousted by a 2006 military coup that followed large Yellow Shirt protests accusing him of corruption and disrespect to the monarchy. In 2008, Yellow Shirts stormed Don Mueang and Suvarnabhumi airports, shutting down operations and defying an injunction calling for them to leave. The siege ended only after a court ruling forced pro-Thaksin Prime Minister Somchai Wongsawat out of office.
Several dozen protesters involved in the demonstrations were divided into two groups of defendants and indicted in 2013. The verdict for the second group is to be delivered in March.
In 2011, the Civil Court ordered the leaders of the group to pay 522 million baht ($14.7 million) in damages to the state airport authority. They were declared bankrupt and had their assets seized last year to pay the sum.
Thaksin came back to Thailand last year to serve an eight-year prison term on several criminal convictions and was right away moved from prison to a state hospital because of reported ill-health. He has remained at the hospital since but his sentence was later reduced to one year, allowing for the possibility he could soon be released on parole.
His return to Thailand came as the Pheu Thai party — the latest incarnation of the party Thaksin led to power in 2001 — won a parliamentary vote to form a new government despite finishing second in elections. |
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India court restores life prison sentences for 11 Hindu men
Court Line |
2024/01/08 23:10
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India’s top court on Monday restored life prison sentences for 11 Hindu men who raped a Muslim woman during deadly religious rioting two decades ago and asked the convicts to surrender to the authorities within two weeks.
The Hindu men were convicted in 2008 of rape and murder. They were released in 2022 after serving 14 years in prison.
The victim, who is now in her 40s, was pregnant when she was brutally gang-raped in 2002 in western Gujarat state during communal rioting that was some of India’s worst religious violence with over 1,000 people, mostly Muslims, killed.
Seven members of the woman’s family, including her 3-year-old daughter, were killed during the riots. The Associated Press generally doesn’t identify victims of sexual assault.
The men were eligible for remission of their sentence under a policy that was in place at the time of their convictions. At the time of their release, officials in Gujarat, where Prime Minister Narendra Modi’s Bharatiya Janata Party holds power, had said the convicts were granted remission because they had completed over 14 years in jail.
A revised policy adopted in 2014 by the federal government prohibits remission release for those convicted of certain crimes, including rape and murder.
Following the release of the convicts, the victim had filed a petition with the Supreme Court, saying “the en masse premature release of the convicts… has shaken the conscience of the society.”
The 2002 riots have long hounded Modi, who was Gujarat’s top elected official at the time, amid allegations that authorities allowed and even encouraged the bloodshed. Modi has repeatedly denied having any role and the Supreme Court has said it found no evidence to prosecute him. |
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Trump asks US Supreme Court to overturn Colorado ruling
Court Line |
2024/01/04 21:31
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Former President Donald Trump on Wednesday asked the U.S. Supreme Court to overturn a ruling barring him from the Colorado ballot, setting up a high-stakes showdown over whether a constitutional provision prohibiting those who “engaged in insurrection” will end his political career.
Trump appealed a 4-3 ruling in December by the Colorado Supreme Court that marked the first time in history that Section 3 of the 14th Amendment was used to bar a presidential contender from the ballot. The court found that Trump’s role in the Jan. 6, 2021, attack on the U.S. Capitol disqualified him under the clause.
The provision has been used so sparingly in American history that the U.S. Supreme Court has never ruled on it. Wednesday’s development came a day after Trump’s legal team filed an appeal against a ruling by Maine’s Democratic Secretary of State, Shenna Bellows, that Trump was ineligible to appear on that state’s ballot over his role in the Capitol attack. Both the Colorado Supreme Court and the Maine secretary of state’s rulings are on hold until the appeals play out.
Trump’s critics have filed dozens of lawsuits seeking to disqualify him in multiple states. He lost Colorado by 13 percentage points in 2020 and does not need to win the state to gain either the Republican presidential nomination or the presidency. But the Colorado ruling has the potential to prompt courts or secretaries of state to remove him from the ballot in other, must-win states.
None had succeeded until a slim majority of Colorado’s seven justices — all appointed by Democratic governors — ruled last month against Trump. Critics warned that it was an overreach and that the court could not simply declare that the Jan. 6 attack was an “insurrection” without a judicial process.
“The Colorado Supreme Court decision would unconstitutionally disenfranchise millions of voters in Colorado and likely be used as a template to disenfranchise tens of millions of voters nationwide,” Trump’s lawyers wrote in their appeal to the nation’s highest court, noting that Maine has already followed Colorado’s lead. |
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What the 14th amendment means for Donald Trump's presidential campaign
Court Line |
2023/12/21 23:21
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Former President Donald Trump’s bid to win back the White House is now threatened by two sentences added to the U.S. Constitution 155 years ago.
The Colorado Supreme Court on Tuesday barred Trump from the state’s ballot under Section 3 of the 14th Amendment, which prohibits anyone who swore an oath to support the Constitution and then “engaged in insurrection” against it from holding office. It’s the first time in history the provision has been used to prohibit someone from running for the presidency, and the U..S. Supreme Court is likely to have the final say over whether the ruling will stand.
If it does — which many legal experts say is a longshot — it’s the end of Trump’s campaign because a Supreme Court decision would apply not just in Colorado, but to all states. It also could open a new world of political combat, as politicians in the future fish for judicial rulings to disqualify their rivals under the same provision.
Some conservatives have even considered using it against Vice President Kamala Harris, who raised bail money for those jailed during the violence following the murder of George Floyd in Minneapolis. They said that also should be considered an “insurrection” against the Constitution.
So far, very little in the real world. Aware that the case was very likely going to the U.S. Supreme Court, the 4-3 Colorado Supreme Court majority stayed their own order until Jan. 4 — the day before the state’s primary ballots are due at the printer — or until the Supreme Court rules.
Technically, the ruling applies only to Colorado, and secretaries of state elsewhere are issuing statements saying Trump remains on the ballot in their state’s primary or caucus.But it could embolden other states to knock Trump off the ballot. Activists have asked state election officials to do so unilaterally, but none have. Dozens of lawsuits have been filed, but all failed until Colorado.
The U.S. Supreme Court has never ruled on the meaning of Section 3. The justices can take the case as quickly as they like once Trump’s campaign files its appeal, which is not expected this week. The high court then could rule in a variety of ways — from upholding the ruling to striking it down to dodging the central questions on legal technicalities. But many experts warn that it would be risky to leave such a vital constitutional question unanswered.
“It is imperative for the political stability of the U.S. to get a definitive judicial resolution of these questions as soon as possible,” Rick Hasen, a law professor at the University of California, Los Angeles, wrote shortly after the ruling. “Voters need to know if the candidate they are supporting for president is eligible.” |
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