KUALA LUMPUR, Dec 5 (Bernama) -- Bursa Malaysia closed lower on Friday amid mixed regional market performance as investors turned cautious over a possible rate hike by the Bank of Japan (BOJ) and upcoming US economic data that may influence the Federal Reserve’s (Fed) interest rate decision next week. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) pared most earlier losses to settle 4.55 points easier, or 0.28 per cent, to 1,616.52 from Thursday’s close of 1,621.07. The benchmark index, which opened 0.37 of-a-point lower at 1,620.70, moved between 1,609.67 and 1,621.25 throughout the day. The broader market was negative, with decliners outpacing advancers 604 to 439. A total of 550 counters were unchanged, 1,151 untraded, and 18 suspended. Turnover declined to 3.17 billion units worth RM2.24 billion from 4.48 billion units worth RM2.75 billion yesterday. Rakuten Trade Sdn Bhd vice-presiden...
Key Takeaways
Liquidators allege ex-CEO Xia Haijun concealed US$60 million in assets after relocating to California.
Xia and his ex-wife hold nearly US$500 million in total assets, including luxury real estate in California and Las Vegas.
Court ruling on receivership request expected Friday.
Liquidators of China Evergrande Group are seeking a court order to place the assets of former chief executive officer Xia Haijun and his ex-wife under receivership, as they intensify efforts to recover funds for creditors nearly two years after the developer’s collapse.
In Wednesday’s court session, liquidators accused Xia of shifting assets and adopting a “catch me if you can” strategy since moving to California. They said he has at least US$60 million in undisclosed assets and made large real estate purchases even after Evergrande’s financial troubles surfaced.
According to filings, Xia owns almost US$500 million in wealth from salary, investments, and shares tied to Evergrande. His ex-wife, surnamed He, controls three California properties and four vehicles valued at US$24 million. Liquidators noted Xia bought a US$20 million Orange County property in 2021, now worth over US$30 million, and later acquired a US$2.2 million Las Vegas property, which was transferred to He before their divorce this year.
Legal representatives for Xia and He opposed the receivership bid, calling it excessive and warning it would strip Xia of assets acquired through his own labor. They also cited harassment and safety concerns following Evergrande’s liquidation.
The case underscores the high stakes in Evergrande’s wind-down, as liquidators pursue overseas assets to maximize creditor recoveries. Judge Russell Coleman said he will deliver a ruling on the receivership application this Friday.
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