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Evergrande Bosses Face Punishment for Early Redemptions on Debt: FT

Promotional footage on a property development of China Evergrande Group is shown at a news conference on the company's interim results in Hong Kong, in this file photo from 2016. Photo: Reuters/ Bobby Yip.

 

(AF) China Evergrande said six of its executives had cashed out early from investment products that the troubled property developer later said it may not be able to repay on time, the Financial Times reported.

The company said the six faced “severe penalties” and would pay back the money, the report stated. The six were among more than 40 executives who had bought the investments to help ease Evergrande’s debt problems, the report added. Full report: Financial Times

 

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Mark McCord

Mark McCord is a financial journalist with more than three decades experience writing and editing at global news wires including Bloomberg and AFP, as well as daily newspapers in Hong Kong, Sydney and Melbourne. He has covered some of the biggest breaking news events in recent years including the Enron scandal, the New York terrorist attacks and the Iraq War. He is based in the UK. You can tweet to Mark at @MarkMcC64371550.

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