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CHINA EVERGRANDE GROUP: International bondholder and DMSA file an allegation of criminal conduct against defaulted Evergrande Group

BERLIN, Feb. 23, 2022 /PRNewswire/ — For months, China Evergrande Group has been teetering on the brink of insolvency. On several occasions, China’s second-largest real estate developer, which has accumulated more than $300 billion in debt, has defaulted on interest payments on U.S. dollar bonds. Now an international creditor, in cooperation with DMSA Deutsche MarktScreening Agentur GmbH, has filed an allegation of criminal conduct against the Evergrande holding company for committing insolvency fraud.

Things are getting tighter for Evergande: A bondholder, Liechtenstein-based Financial Market Partners Capital (FMPC) Consulting AG, filed an allegation of criminal conduct on Friday, February 18, 2022 for insolvency fraud against the Cayman Islands-registered Evergrande holding company. FMPC Consulting AG was supported and advised – in addition to internationally active insolvency lawyers – by DMSA Deutsche MarktScreening Agentur GmbH.
Background: Evergrande has defaulted on interest payments on so-called offshore bonds amounting to more than one hundred million US dollars on several occasions since mid-November. These are held by international investors, including FMPC Consulting AG. (Note to editors: More about FMPC Consulting AG and its investment in Evergrande bonds can be found at the end of this press release.) On December 3, Evergrande officially admitted to international investors for the first time in an ad hoc announcement to the Hong Kong Stock Exchange – the holding company’s home exchange – that there was “no guarantee that the Group will have sufficient funds to continue to meet its financial obligations.”
If a company domiciled in the Cayman Islands is insolvent or of doubtful solvency, its directors have a fiduciary duty under the laws and regulations applicable there to act in the interests of its creditors. They then also have to consider whether it is in the interest of their creditors to initiate reorganization or insolvency proceedings. As the management of Evergrande Holding has so far failed to initiate insolvency proceedings, there is a strong suspicion that the directors of Evergrande have caused substantial pecuniary loss to the company’s creditors through deception and breaches of their duty of care. Such conduct is punishable, inter alia, under sections 248 et seq. of the Cayman Islands Criminal Code.
DMSA Managing Director Michael Ewy explains, “With the allegation of criminal conduct, we are trying to save what can be saved for FMPC Consulting AG and other international creditors.” At the latest with the official announcement of the default of the interest payment on December 6, 2021, the Evergrande directors had been obliged to file for voluntary or provisional insolvency at the court of the company’s headquarters in the Cayman Islands. “To date, this has not happened despite multiple requests from us. As a consequence, we have now filed an allegation of criminal conduct with the Cayman Islands Public Prosecutor’s Office for committing insolvency fraud.” Thus, he said, it is now also the responsibility of the local authorities to investigate the case and hold the directors personally liable, as well as to have the insolvency determined by the authorities.
The reasoning behind it: “Evergrande has defaulted, but has still not been officially declared completely insolvent,” explains Dr. Marco Metzler, Chairman of the Board of Directors of FMPC Consulting AG. “As more and more distress sales are taking place and overdue bond interest is repeatedly not paid to foreign investors, we had to act in our own interest but also in the interest of all international creditors. If the local authorities do not officially declare insolvency, we intend to file a bankruptcy petition against Evergrande ourselves. This will happen as soon as we have an official, enforceable debt instrument against Evergrande in our hands. Until then, it may take a few more weeks.”
As FMPC Consulting AG sees itself as the trustee of all international Evergrande creditors and in order to reduce the cost risk for each claimant, the company is offering other international creditors to join its proceedings, which took another step forward yesterday with the filing of the allegation of criminal conduct in the Cayman Islands.
Incidentally, Metzler and Ewy are not alone in their view: China Evergrande Group was already officially downgraded to “partially insolvent” by international rating agencies at the beginning of December. Thus, the rating agency Fitch has assigned Evergrande a status of “Restricted Default” (RD). Similarly, rating agency Standard & Poor’s downgraded the real estate developer to “Selective Default” (SD). All 23 of Evergrande Group’s international bonds are affected by this selective default. The only rating worse for both agencies is “Default” (D) – complete default. This rating will be assigned at the latest when the Evergrande Group has been officially declared insolvent by a court.
This is exactly what FMPC Consulting AG and DMSA now want to achieve with their allegation of criminal conduct order to prevent further asset transfers to the detriment of international creditors. The company has already sold shares and assets several times in a distress sale, knowing full well that it was making losses. Worse still, in recent months there have been multiple illegal transfers of assets, causing significant damage to the company’s international creditors, as this illegal action is likely to have severely impacted their chances of recovering their assets.
For example, in November 2021, Evergrande sold its stake in the streaming service provider HengTen Network Group for the equivalent of 273.5 million US dollars. This “gave” Evergrande a loss of the equivalent of 1.09 billion US dollars. Incidentally, the stake was sold at a 24 percent discount to the closing price at the time of the acquisition. As a result, HenTen’s share price plummeted by 24 percent.
In addition, Chinese authorities ordered Evergrande founder and chief executive Hui Ka Yan to sell some of his private assets – including high-end art, calligraphy and three properties – to compensate Chinese Evergrande bondholders. It is feared that this has led to unequal treatment of Evergrande creditors, as it is unclear whether creditors were given preferential treatment.
“In this respect, it would have been best for Evergrande’s international creditors if the group itself had taken action earlier and filed an insolvency petition with a provisional restructuring plan in accordance with the bankruptcy laws of the Cayman Islands,” explains DMSA CEO Michael Ewy. The management of the Evergrande holding company has been guilty of delaying insolvency for some time now.
From Dr. Metzler’s perspective, there is virtually no hope for Evergrande’s turnaround. “The restructuring analysis I have from Fitch Ratings – one of the three largest rating agencies in the world, where I started my career as a financial analyst years ago – assumes that Evergrande would be liquidated with a restructuring rate of zero to ten percent.” That means creditors would get back a maximum of one-tenth of their invested capital.
What’s more: Evergrande is not the only one struggling at the moment. A number of other Chinese developers – such as Kaisa Group, Fantasia Holdings, Modern Land China, and Guangzhou R&F – are also having great difficulty refinancing. Some have also already experienced payment defaults.
No wonder that Ewy and Dr. Metzler consider the insolvency of Evergrande and other Chinese property developers to be inevitable. In their wake, there would then likely be a host of other bankruptcies. “To avoid internal unrest, China would be forced to return to a hard communist line,” concludes Dr. Metzler. This would ultimately imply that all of China’s international debt of around 585 billion U.S. dollars would no longer be serviced and that equity investments by foreign investors of around 600 billion U.S. dollars would also have to be written off completely – with devastating consequences for the global banking system and the entire world economy.
About Financial Market Partners Capital (FMPC) Consulting AG:
Financial Market Partners Capital (FMPC) Consulting AG, is a private investment and advisory firm based in Ruggell, Liechtenstein. As a single family office, FMPC Consulting AG invests exclusively its own funds of its owner, the Metzler family.
About the Evergrande investment of FMPC Consulting AG:
FMPC Consulting AG holds 200 units of EVERRE 10 ½ Bonds, April 11, 2024 (ISIN: XS19 8204 0641) with a total par value of US$200,000. These were purchased on November 01, 2021 for 50,000 US dollars via the house bank of FMPC Consulting AG and have since been held in custody at SIX Switzerland via the house bank in Liechtenstein. Already on November 10, 2021 an interest payment for this bond was missed.
About DMSA Deutsche Markt Screening Agentur GmbH:
DMSA Deutsche MarktScreening Agentur GmbH is an independent data service that collects and evaluates market-relevant information on companies, products and services. The research house, which has the same owner as FMPC Consulting AG, the Metzler family, sees itself as an advocate for consumers, private customers and private investors. For them, DMSA bundles important and decision-relevant information and prepares it in an easily understandable way. DMSA works with FMPC Consulting AG as needed.
Press contact:
Inga Oldewurtel
Press Officer
mailto: oldewurtel@prio-pr.de
Tel.: +49 176 62 26 18 97
Responsible for the content:
DMSA Deutsche Markt Screening Agentur GmbH
Wichertstraße 13
10439 Berlin
Germany
Michael Ewy
Managing Director
http://www.dmsa-agentur.de
 

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IIT Delhi Spinout DeepLase Raises ₹6 Crore Seed Round co-led by Kavachh and Yali Capital

NEW DELHI, March 19, 2026 /PRNewswire/ — DeepLase Technologies, an IIT Delhi–incubated deep-tech photonics startup developing advanced optical fiber platforms, high-performance fiber lasers, and integrated photonics systems, has raised ₹6 crore in seed funding in a round co-led by Mounttech Growth Fund – Kavachh and Yali Capital.

The company will use the capital to expand its engineering and manufacturing capabilities, accelerate product commercialization, and scale deployments across high-impact sectors including precision industrial automation, optical communications, advanced sensing, quantum technologies, and healthcare instrumentation.DeepLase was founded by Dr. Deepak Jain, a faculty member at the Indian Institute of Technology Delhi, whose research focuses on advanced optical fiber technologies and laser systems. The company is focused on designing next-generation specialty optical fibers and fiber-laser platforms engineered for applications requiring exceptional stability, energy efficiency, spectral precision, and long-term operational reliability.As global data consumption accelerates and artificial intelligence infrastructure expands, optical technologies have become the backbone of modern digital systems. Data centers, telecommunications networks, and emerging AI hardware platforms increasingly depend on advanced photonic components capable of delivering higher bandwidth, lower latency, and improved energy efficiency. DeepLase is developing specialty optical fiber platforms designed to address these rapidly evolving performance requirements.Lasers today are foundational tools across precision manufacturing, sensing, optical communications, semiconductor fabrication, medical diagnostics, and emerging quantum systems. However, many existing laser platforms remain complex to integrate and are optimized primarily for laboratory environments. DeepLase aims to bridge the gap between scientific-grade optical performance and scalable, deployable industrial systems by developing robust laser architectures engineered for real-world applications. “Our goal is to build laser platforms that combine advanced optical fiber design, novel materials engineering, and robust system-level reliability,” said Dr. Jain, Founder and Director of DeepLase. “As industries and research domains become increasingly dependent on controlled light sources, the demand for stable, scalable, and application-ready laser systems is growing rapidly. We are developing technologies that deliver high performance while remaining practical for deployment in demanding industrial environments.”Investors believe DeepLase reflects a broader shift toward deep-technology innovation emerging from India’s academic research ecosystem, particularly in critical areas such as photonics and advanced manufacturing. “Photonics technologies are becoming foundational infrastructure for modern industry, powering everything from advanced manufacturing and telecommunications to sensing and next-generation computing systems,” said Raj Sethia, Managing Partner and Co-Founder at Mounttech Growth Fund – Kavachh. “DeepLase is building core intellectual property in a strategic technology domain where global demand continues to grow rapidly. We are excited to support Dr. Deepak Jain and his team as they work to build globally competitive photonics technologies from India.””Photonic technologies hold enormous potential, and many of their most transformative applications are still emerging,” said Ganapathy Subramaniam, Co-founder & Managing Partner, Yali Capital. “DeepLase approaches photonics design from first principles, combining deep scientific expertise with a clear pathway toward commercialization. The team brings together strong research capability with an understanding of real-world deployment challenges, positioning them well to translate advanced photonics into scalable industrial platforms. We believe Dr. Deepak Jain and his team have the potential to deliver photonics technologies at a global scale.”Prior to this round, DeepLase received support through multiple government innovation and deep-tech commercialization programs, reinforcing its mission to develop indigenous, high-value photonics technologies with global relevance. The company’s long-term vision is to build globally competitive photonics infrastructure from India, enabling next-generation optical systems that power advanced computing, communications, industrial manufacturing, and scientific discovery.About DeepLaseDeepLase Technologies is a photonics startup incubated at the FITT, Indian Institute of Technology Delhi focused on developing next-generation specialty optical fibers and high-performance fiber-laser systems. Its technologies target applications in industrial manufacturing, optical communications, sensing, healthcare instrumentation, and emerging quantum technologies. DeepLase aims to translate cutting-edge photonics research into scalable industrial platforms that can power the next generation of optical systems worldwide.Photo: https://mma.prnewswire.com/media/2937859/DeepLase_Founders.jpg 

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Harteerath Singh Ahluwalia’s book ‘The Power of Doing Good’ coming out this Vaisakhi, from HarperCollins India

The book talks about seva, rooted in Sikhism and relevant for all, which can lead everyone to a life of happiness and purpose.GURUGRAM, India, March 19, 2026 /PRNewswire/ — Right ahead of Vaisakhi this year, HarperCollins India is delighted to announce the upcoming publication of Harteerath Singh Ahluwalia’s debut book, The Power of Doing Good: How Seva Can Change Your Life. Taking the reader through the inspiring journey of Hemkunt Foundation and foregrounding seva as a universal life philosophy — rooted in Sikh tradition but relevant to every reader seeking purpose — this book is one for these times where amidst all the chaos, people need something like this to anchor themselves in meaning and connect to shared humanity.

Talking about the book, Harteerath says, “Writing The Power of Doing Good has been a deeply transformative journey — one shaped not just by events, but by years of observing, participating in, and reflecting upon what it truly means to serve. Through the story of Hemkunt Foundation, I have attempted to capture something more enduring than action alone: the quiet discipline of seva, rooted in Sikh principles and guided by the timeless wisdom of our Gurus — ‘Sarbat da Bhala’, well-being for all, and ‘Chardi Kala’, to remain in a state of rising spirit. This book is not merely a record of what has been done; it is an offering, an archive of goodwill shaped with intention and care. It invites the reader to look inward, and to reconsider the nature of purpose — not as something to be found in grand gestures, but in consistent, conscious acts of compassion. I have come to believe, through lived experience, that doing good is a way of being that quietly reshapes both the giver, and simultaneously the world around them. This book serves as a reminder that even the smallest act, when done with sincerity, carries within it the power to transform lives — often beginning with our own.”Trisha Bora, Executive Editor – HarperCollins India, says, “There are very few people/organizations who are as inspiring as Harteerath Singh and Hemkunt Foundation. This is a story about how impactful selfless community service can be, especially in our troubled times. Anyone who reads this book will find their lives changed for the better.”About the book –In April 2020, as a sudden nationwide lockdown left thousands of migrant workers stranded and desperate, the Singhs, a Sikh family in Gurgaon, rose to the crisis. They began preparing rotis at home and distributing them along highways to those making the arduous journey back to their villages. Their compassion sparked a movement, and through the Hemkunt Foundation, thousands across Delhi-NCR and Haryana joined in.In The Power of Doing Good, Harteerath Singh Ahluwalia shares the inspiring story of why Sikhs are born to serve — through the legacy of their eleven Gurus, and the remarkable journey of Hemkunt Foundation. This book is a timely reminder of how practicing seva can lead all to a life of deeper happiness and purpose.About the author –Harteerath Singh Ahluwalia is one of India’s most influential young humanitarians and the driving force behind Hemkunt Foundation’s modern seva movement. Recognized across the country for his fearless on-ground work — from COVID relief to the Punjab floods as well as in farmer support, animal welfare, women’s dignity initiatives and nationwide emergency responses — he embodies the rare blend of leadership, service and storytelling.A founding team member of Hemkunt Foundation, Harteerath helped scale the organization into one of India’s fastest-growing grassroots NGOs. His work includes designing high-impact relief missions, building long-term rehabilitation models, crafting donor-ready MIS systems and mobilizing lakhs of people online and offline to participate in seva. Over the years, he has led some of the largest relief efforts in India: oxygen cylinder drives during COVID, twenty-one Mobile Medical Vans serving multiple states, large-scale flood rehabilitation in Punjab, and Gurukul-based education and livelihood programs in Khandwa.Beyond humanitarian operations, Harteerath is a widely followed content creator with over 500,000 supporters across platforms. Known for his raw honesty, clarity and emotional depth, he uses his voice to champion Sikh values, inspire youth to serve, and highlight real stories from the ground.His work and impact have earned him a place in the Forbes 30 Under 30, HT City 30 Under 30, World Economic Forum’s Top 50 Social Entrepreneurs of India, Femina’s Men We Love, and MensXP’s High Impact Men lists as well as recognition as Grazia’s Social Activist of the Year.About Harpercollins Publishers IndiaHarperCollins India publishes some of the finest writers from the Indian Subcontinent and around the world, publishing approximately 200 new books every year, with a print and digital catalogue of more than 2,000 titles across 10 imprints. Its authors have won almost every major literary award including the Man Booker Prize, JCB Prize, DSC Prize, New India Foundation Award, Atta Galatta Prize, Shakti Bhatt Prize, Gourmand Cookbook Award, Publishing Next Award, Tata Literature Live! Award, Gaja Capital Business Book Prize, BICW Award, Sushila Devi Award, Sahitya Akademi Award and Crossword Book Award. HarperCollins India also represents some of the finest publishers in the world including Harvard University Press, Gallup Press, Oneworld, Bonnier Zaffre, Usborne, Dover and Lonely Planet. HarperCollins India has won the Publisher of the Year Award four times at Tata Literature Live! in 2022, 2021, 2018 and 2016, and at Publishing Next in 2021 & 2015. HarperCollins India is a subsidiary of HarperCollins Publishers.For more information, please write to – shabnam.srivastava@harpercollins.co.in Photo: https://mma.prnewswire.com/media/2937802/The_Power_of_Doing_Good_HarperCollins.jpgLogo: https://mma.prnewswire.com/media/2105077/5820633/HarperCollins_Logo.jpg 

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Casio India launches music education CSR initiative in partnership with Manzil Mystics to empower young musicians and students from underserved communities

PATNA, India, March 19, 2026 /PRNewswire/ — Casio India Co. Pvt. Ltd., a subsidiary of Casio Computer Co., Japan, has announced the launch of a new Corporate Social Responsibility (CSR) initiative focused on music education and livelihood creation. In partnership with Delhi-based non-profit organisation Manzil Mystics, the initiative aims to promote skill-based musical training and create sustainable livelihood opportunities for children and musicians from underserved communities.

As a company deeply rooted in the music industry through its Electronic Musical Instruments portfolio, Casio India has consistently championed the role of music in education and creativity. Building on this legacy, the newly launched initiative seeks to integrate structured music learning into community spaces and schools while enabling aspiring musicians to develop professional skills in the performing arts and media ecosystem.Under this collaboration, the program will focus on providing structured musical training through Casio electronic keyboards, alongside curriculum-based modules designed to develop practical skills that can translate into future music education. The initiative will particularly target underprivileged students studying in government schools and young musicians from low-income communities, enabling them to access high-quality music education and professional development opportunities.Commenting on the initiative, Mr. Takuto Kimura, Managing Director, Casio India, said, “At Casio, we believe that music has the power to inspire creativity, build confidence, and transform lives. Through this CSR initiative, we aim to make music education more accessible to children and young artists from underserved communities. By partnering with Manzil Mystics, we hope to nurture musical talent while creating meaningful opportunities for individuals to build sustainable careers in the creative industry.”The event commenced with a welcome address for the Casio India leadership team and representatives from Manzil Mystics, followed by a felicitation ceremony recognising key contributors and educators associated with the initiative. The program highlighted the role of music as a powerful tool for learning and creative development among young students. As part of the event, Casio India also facilitated the students with instruments from its range of electronic musical keyboards, enabling them to begin their training and supporting the broader objective of promoting skill-based music education among children from underserved communities.Through this initiative, Casio India aims to equip young learners with vocational skills in music, encourage creative expression, and support aspiring artists in pursuing sustainable careers as educators, performers, and creative professionals. The program also seeks to foster an inclusive ecosystem that celebrates India’s diverse musical traditions while preparing artists for opportunities in the country’s rapidly expanding media and entertainment industry.About Casio India Co. Pvt. Ltd:Casio India Co. Pvt. Ltd. (CIC) is the Indian subsidiary of Casio Computer Co., Ltd., Tokyo, Japan, one of the world’s leading manufacturers of consumer electronics and business equipment solutions. Casio India has established a dynamic presence in the Indian market since 1996, emerging as a leading and cherished consumer goods manufacturer. Casio India’s range of products include sales and marketing of Timepieces, Electronic Musical Instruments, Desktop Calculators and Scientific Calculators.Setting the benchmark for excellence, Casio India is dedicated to embodying the spirit of innovation and quality that defines the Casio legacy. With a strong commitment to its corporate creed of ‘creativity and contribution,’ Casio has consistently translated this ethos into the creation of innovative products making a positive impact on society.For more information, visit https://www.casio.com/in/Photo: https://mma.prnewswire.com/media/2937791/CSR_Event_Casio_India.jpg 

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