Hong Kong Financial News

According to Apple Daily, HSBC has petitioned to have provisional liquidator appointed for 3D-Gold last Friday and Deloitte has confirmed that they have been appointed as the provisional liquidator. This is definitely not a surprising move, considering i) their shocking announcement about missing inventories and trade receivables that are hard to collect and ii) the police is currently investigating the disappearance of gold bars that are worth around HKD 180 million. Rumor is saying that 3D-Gold owes HSBC HKD 100 million.

3D-Gold is still open today. Will their operation be eventually shut down by the provisional liquidator and this will force more people into unemployment?

October 19th, 2008 | Tags: 3D Gold, 870, Deloitte, HSBC, provisional liquidator | Category: 3D-gold, Companies | Leave a comment

According to a Chinese newspaper, Deloitte Touche Tohmatsu has been appointed as the provisional liquidator for U-right (627). Hopefully the company will not go through liquidation as I firmly believe that their business is quite sound and they are just unlucky enough to have short term liquidity problem in this credit crunch.

October 8th, 2008 | Tags: 627, Deloitte Touche Tohmatsu, provisional liquidator, U-right | Category: Companies | Leave a comment