More hurdles for Peregrine
Article Abstract:
Germany-based Commerzbank AG's $41.3 mil lawsuit against bond-trading firm Peregrine Fixed Income Ltd may spark a rush of lawsuits by other creditors of Peregrine. Under the lawsuit, Commerzbank is seeking to recoup $41.3 mil from a currency swap that it made with Peregrine just prior to the collapse of the latter and its parent, Peregrine Investment Holdings Ltd. Commerzbank contends that directors of Peregrine had prior knowledge that the firm was headed toward bankruptcy, but failed to protect the funds from Commerzbank.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1998
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Hong Kong chief offers some proposals, but scant relief
Article Abstract:
Chief Executive Tung Chee Hwa has announced plans to adopt a number of administrative reforms aimed at improving Hong Kong's economic status during a congressional speech aired in Oct 1998. Although Tung Chee Hwa vowed to increase the country's federal budget by $903.7 billion, he stressed that public coordination would play a critical role in Hong Kong's economic development. The leader further pledged to provide additional allocation for high-technology and multimedia research and enhance the country's global competence.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1998
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Comment about this article or add new information about this topic:
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