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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 Officermailto: oldewurtel@prio-pr.deTel.: +49 176 62 26 18 97
Responsible for the content:DMSA Deutsche Markt Screening Agentur GmbHWichertstraße 1310439 Berlin Germany
Michael EwyManaging Directorhttp://www.dmsa-agentur.de 
 

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Firstsource Partners with Typeface to Launch Agentic Marketing Services

New full-stack offering turns content operations into an agentic growth engineNEW YORK and MUMBAI, India, April 30, 2026 /PRNewswire/ — Firstsource Solutions Limited (NSE: FSL) (BSE: 532809), an RP-Sanjiv Goenka Group company, today announced the launch of a new offering — Agentic Marketing Services — in partnership with Typeface, the marketing orchestration engine for the world’s leading enterprises. The offering is designed to help enterprises move from marketing ambition to scale by transforming, implementing, and operating AI-native marketing systems. It transforms marketing operations into a scalable growth engine and delivers measurable top-line revenue growth beyond operational efficiency alone.
  Agentic AI is redefining how enterprises think about the customer lifecycle, and marketing content sits at the center of that transformation. Enterprises deploying AI-driven personalization are seeing up to 40% higher revenue compared to their peers. Content operations is both a growth lever and an efficiency play for CMOs: roughly 30% of CMO budgets go to content; approximately 55% of content work is manual — resizing, localization, brand compliance — while 90% of those manual workflows can be AI-enabled.”At Firstsource, our approach has been about moving beyond traditional boundaries to build adaptive, intelligence-led ecosystems that deliver measurable outcomes. Content operations is now the most disrupted layer of the modern marketing stack, with Large Language Models reshaping the entire value chain — from ideation and production to governance and distribution — making it both the biggest near-term efficiency opportunity and the most exposed surface area in enterprise marketing,” said Ritesh Idnani, MD and Chief Executive Officer of Firstsource.”CEOs and CMOs are not looking for a consultancy that hands off a roadmap or an agency that operates in silos — they want a partner who can transform, implement, and operate marketing systems end-to-end. By combining micro-segmentation, personalization, and deep industry context, we help clients build acquisition, engagement, and retention engines that are intelligent, compliant, and scalable. Typeface brings the AI technology to generate personalized, on-brand, compliant content at scale, and Firstsource brings deep experience in customer operations, especially in regulated industries like banking, financial services, healthcare, and retail. Together, we enable enterprises to plan, build, and run modern marketing — turning content operations into a compounding growth engine and delivering outcomes, not just effort.”The partnership extends the capabilities announced with Typeface’s recent Marketing Orchestration Engine launch — bringing governed AI systems into full-stack marketing operations for regulated enterprises.”AI only transforms marketing when it’s embedded into the workflows that drive real customer outcomes,” said Abhay Parasnis, Founder & CEO of Typeface. “Firstsource brings deep industry expertise and operational rigor in highly regulated environments. Together, we’re helping enterprises turn AI ambition into operational reality, embedding governed intelligence into the systems that power durable growth.” While Typeface provides the orchestration layer that unifies brand intelligence, AI agents, and enterprise systems, Firstsource brings the operational expertise and insights to enable effective decision making and implement and run these systems in complex, regulated environments. Together, they redesign how growth is driven — focusing on the moments, segments, and mechanisms that truly move the needle — enabling enterprises to shift from fragmented activity to scalable, revenue-led execution.Industry view”In retail, seasonality and micro-segmentation are where revenue is won or lost. Every peak moment demands thousands of personalized variants across marketing, service, and customer operations — and the retailers who get this right see real movement on acquisition, conversion, and retention, not just efficiency. What makes the Firstsource–Typeface offering different is that it is not another tool — it is an operating capability. Pairing agentic AI with embedded marketing operations is exactly what retailers need to move from broad campaigns to true lifecycle-driven engagement. For the industry, this is a meaningful step-change in how growth gets engineered.” – Dave Kimbell, Ex-CEO Ulta Beauty; Firstsource Advisory Board Member”Healthcare payers sit on a real paradox: a huge share of member communication is locked inside PHI and claims workflows where the rules are clear and rightly strict — but the biggest lever on affordability lives outside that envelope, in how payers engage members on wellness, prevention, plan literacy, and proactive disease management. That is a white-space opportunity the industry has barely touched. This is where marketing AI services can genuinely move the needle. With micro-segmentation and agentic content, payers can reach the right member with the right nudge at the right moment — entirely within compliant, non-PHI pathways — and shift the engagement model from acquisition and retention to lifelong wellness. That is how you make healthcare more affordable, improve member experience, and strengthen the economics of the plan at the same time. The Firstsource–Typeface offering is one of the few capabilities purpose-built to operate at that intersection of compliance, personalization, and outcomes.”- Paul Sanford, Ex-EVP Operations, Cigna Group; Firstsource Advisory Board MemberAbout FirstsourceFirstsource Solutions Limited, an RP-Sanjiv Goenka Group company (NSE: FSL) (BSE: 532809), is a global intelligence partner to enterprises across healthcare, banking and financial services, communications, media, technology, retail, and utilities. Its inch-wide, mile-deep practitioners work collaboratively to reimagine business process management.With operations across the US, UK, India, Philippines, Mexico, Romania, Trinidad & Tobago, South Africa, and Australia, Firstsource combines over twenty-five years of domain expertise with an agent-first delivery model to design, build, and operate intelligent enterprise operations. Through its Intelligence That Operates promise—powered by Kairos, the operating system that makes it real—the company unifies consulting, implementation, and operations into a single full-stack engagement and underwrites outcomes, not effort, turning deep domain intelligence into a compounding operational advantage for firms in the world’s most regulated industries. (www.firstsource.com)About TypefaceTypeface is a marketing orchestration engine for the world’s leading enterprises, coordinating brand intelligence, AI agents, and enterprise systems across cross-channel marketing operations. Built for large organizations, Typeface combines shared brand intelligence, governed agent workflows, and deep enterprise integration at scale — connecting seamlessly with platforms like Salesforce, Microsoft, and Google — to help teams scale what works without sacrificing quality or control. Trusted by Fortune 500 companies, Typeface enables organizations to operationalize AI inside real marketing workflows, turning brand standards, approvals, and performance signals into coordinated systems that improve over time. Typeface is backed by Lightspeed, GV, Salesforce Ventures, Madrona, Menlo, and M12, and has been recognized by Fast Company, Gartner, TIME, LinkedIn, and Adweek as a leader in AI for marketing. Learn more at www.typeface.ai.Logo: https://mma.prnewswire.com/media/2515360/Firstsource_Logo.jpg

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Shaping Future-Ready School Leaders: Woxsen University Leads Design Thinking Initiative for Principals

HYDERABAD, India, April 30, 2026 /PRNewswire/ — The School of Arts and Design at Woxsen University, in collaboration with the Public-School Principals’ Association (PSPA), conducted a Principal Leadership Programme on April 27, bringing together 30 principals from leading schools across Hyderabad for an immersive, design-led learning experience focused on rethinking leadership in contemporary education.

Participating institutions included Delhi Public School, Sloka International School (Tukkuguda), Jain Heritage Cambridge School, AVN Vida International School, CMR School (Medchal), and Gitanjali High School, among others. Designed as a hands-on, studio-based workshop, the programme moved beyond traditional formats, enabling participants to engage in collaborative problem-solving, systems thinking, and real-world leadership challenges.The programme was delivered by Woxsen’s Centre for Learning Design (CLD) and the David Dunne Design Thinking Lab, and was guided by the university’s ERS (Ethics, Responsibility and Sustainability) framework, reflecting an integrated and purpose-driven approach to leadership development.Through guided design thinking exercises, principals explored new approaches to decision-making, innovation in school ecosystems, and building student-centric learning environments. The interactive format encouraged peer exchange and practical application, making the experience directly relevant to institutional leadership.Rajendra Prasad, President of the PSPA, said, “The School Principals’ Leadership Workshop at Woxsen University was well organized and delivered with great impact. The sessions were highly engaging and insightful, and the programme received overwhelming positive feedback from participants for both its content and overall experience.”Dr. Ashok Pandey, Member of the PSPA Leadership Team, shared, “An inspiring day at the picturesque Woxsen University campus, engaging with exceptional school leaders committed to designing the schools of tomorrow.” Dr. Adity Saxena, Dean, School of Arts & Design, said, “This programme is aligned with Woxsen’s core pillar of Ethics, Responsibility and Sustainability, reinforcing our commitment to purpose-driven education. We see our role as bridging ideas, institutions, and impact in education, and we are grateful to PSPA and Rajendra Prasad for this meaningful collaboration.”The initiative reflects Woxsen University’s commitment to strengthening the school education ecosystem in Telangana by building leadership capacity and fostering future-ready thinking among educators. Following the workshop, the PSPA leadership team engaged in a strategic discussion with Dr. Adity Saxena to explore future collaboration opportunities.Building on the momentum of the programme, Woxsen University and PSPA are exploring the launch of a structured Principal Leadership Certificate Programme. The proposed initiative aims to institutionalize leadership development for school heads and further strengthen the region’s education ecosystem through sustained, practice-oriented engagement.About Woxsen University, HyderabadWoxsen University, located in Hyderabad, is one of the first private universities in the state of Telangana, India. Renowned for its 200-acre state-of-the-art campus and infrastructure, Woxsen University offers new-age, disruptive programs in the fields of Business, Technology, Arts & Design, Architecture, Law, and Liberal Arts & Humanities. Woxsen also houses Asia’s largest Sports Infrastructure, spread over 60 acres. With 175 Global Partner Universities and a strong industry connect, Woxsen is recognized as one of the top universities for Academic Excellence and Global Edge. Woxsen has also secured the QS Business Masters World Ranking 2025, Rank #9 All India, Top 100 B-Schools by Times B-School Ranking 2025, Rank #6, Asia Pacific, Bloomberg Best B-School, and features in India’s Best B-Schools beyond IIMs by Dalal Street Investment Journal 2025, in 4th consecutive year. Woxsen is ranked as one of the Top Professional Colleges in India by Outlook I-CARE for its undergraduate programs, securing All India Rank 12 among the Top 130 BBA Private Institutes, All India Rank 20 among the Top 160 B.Tech Private Institutes, All India Rank 3 among the Top 25 Design Private Institutes, and All India Rank 3 among the Top 30 B. Arch Private Institutes.Photo: https://mma.prnewswire.com/media/2969917/Woxsen_PSPA_1.jpgPhoto: https://mma.prnewswire.com/media/2969918/Woxsen_PSPA_2.jpgLogo: https://mma.prnewswire.com/media/1771070/5365059/Woxsen_University_Logo.jpg 

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Ryan Group of Schools Hosts First In Math® — 24® Game National Tournament in Mumbai

MUMBAI, India, April 30, 2026 /PRNewswire/ — Ryan Group of Schools successfully hosted the first of three National First In Math® — 24® Game Tournaments in Mumbai on Friday, April 24, bringing together some of the brightest young mathematical minds from across Western and Central India.

A total of 124 top-performing students from the West Zone were selected to compete in the live tournament, representing Ryan schools from across the region. Their participation reflects the remarkable scale of Ryan Group’s commitment to numeracy and skill-based learning. Today, 92 Ryan schools across India actively participate in the First In Math® program, with students having collectively solved nearly 3.5 crore maths problems through year-round practice.The live tournaments are a high-energy numeracy initiative centered around the iconic 24® Game series, created in 1988 by engineer-inventor Robert Sun, who also developed the First In Math® program. Designed to make mathematics engaging, fast-paced, and rewarding, the competition sharpens students’ logical reasoning, focus, critical thinking, and problem-solving skills.Students arrived with great enthusiasm and pride, ceremoniously collecting their MVP badges along with personalised score cards bearing their seating assignments. The event began on an inspiring note with a message and prayer, followed by spirited cheerleading performances that energized participants and audiences alike.The tournament format tested both speed and accuracy. In the first round, four students were seated at each table, where proctors issued challenge cards one at a time. Each card required students to use all four numbers shown, without repetition, to create a three-step solution equaling 24. The first student to solve the challenge within 15 seconds earned the card’s score value by stating the solution clearly and accurately.After an exciting opening round, students progressed to the semifinals, which featured two thrilling tiebreaker moments, before the final round saw the top four players in each grade group compete for top honours.Final Round Winners were:Champions of Champions (Tablet Winner): Mst. Gaurang Roy, Grade 7, Ryan International School, ICSE, Malad.Grade Group Level Champions: Mst. Nehaan Sethia, Grade 4, Ryan International School, Sanpada and Mst. Varad Gunjal, Grade 6, Ryan International School, SanpadaUnder the visionary leadership of Dr. Grace Pinto, Managing Director, Ryan Group of Institutions, Ryan schools across India adopted the First In Math® program with a clear goal: to ensure that every Ryanite experiences both the joy and the power of mathematics. The initiative continues to build lifelong skills in students, including logical reasoning, critical thinking, concentration, and strong analytical ability.Dr. Snehal Pinto, Director, Ryan Group of Schools, said: “At Ryan Group of Schools, we believe mathematics is not just a subject, but a powerful way to develop confidence, logical thinking, and problem-solving skills for life. The First In Math® — 24® Game Tournament beautifully brings together learning and excitement, inspiring students to enjoy the challenge of numbers in a dynamic and meaningful way. As Ryan Group proudly celebrates 50 years of nurturing young minds, initiatives like these reflect our continued commitment to innovation in education and to empowering every Ryanite to excel with skill, spirit, and determination.”Following the successful Mumbai tournament, the National First In Math® — 24® Game Tournaments will next travel to Delhi and Bangalore, continuing Ryan Group’s nationwide celebration of numeracy excellence and student achievement.About Ryan Group of Schools: Ryan Group of Schools is a premier educational institution in India with a widespread network of 150+ schools across 20+ states and 40+ cities, reaching learners across the country and abroad. Founded on the vision of fostering holistic development and academic excellence, the group is dedicated to nurturing lifelong learners who are equipped to face the challenges of a rapidly changing world.With a rich legacy spanning 50 years, Ryan Group of Schools has established itself as a beacon of educational excellence, combining academic rigor with character-building values.Photo: https://mma.prnewswire.com/media/2968951/First_in_Math_2026_Ryan_Group_of_Schools.jpgLogo: https://mma.prnewswire.com/media/1687598/5934106/Ryan_Group_Logo.jpg 

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