Financial News
Written by: Hu Xueneng
2020-04-27 10:03
Last update date: 2020-04-27 10:04On Wednesday (29th), Standard Chartered (2888) will announce its first-quarter results. It is reported that due to several recent corporate scandals, due to the impact of the New Crown Virus epidemic, which caused companies to have problems, problem loans may reach 600 million US dollars (4.68 billion) Hong Kong dollars).
According to Bloomberg, the Middle East Abu Dhabi Hospital Management Group NMC Heal, which disclosed financial fraud, and Singaporean oil giant Hin Leong, which applied for bankruptcy protection, have borrowed nearly $ 500 million from Standard Chartered. Among them, Xinglong's debt-related banks totaled nearly US $ 4 billion, and Standard Chartered accounted for US $ 240 million in loans. In addition, the South African Agricultural Land Development Bank ’s partial debt defaults and other cases will make the bank ’s provision for bad debts likely to increase by up to US $ 600 million.
The report also quoted court documents from the Xinglong case that for every dollar of loan, it may eventually recover only 18 cents.
Standard Chartered's share price was as low as 36.5 yuan this morning, and then rebounded, the latest report was 37.1 yuan.
Bank of America's HSBC Impairment Reserve increased by 1.4 billion U.S. dollars, including additional provisions for Xinglong's bad debts
Damco expects HSBC's credit losses to increase sharply during the year
Fuel company Xinglong accused of stealing $ 800 million in losses Singapore police confirmed investigation
Standard Chartered
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