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Hong Kong court orders China's Evergrande, which owes $300 billion, to liquidate
Lawyer News | 2024/01/30 09:52
A Hong Kong court ordered China Evergrande, the world’s most heavily indebted real estate developer, to undergo liquidation following a failed effort to restructure $300 billion owed to banks and bondholders that fueled fears about China’s rising debt burden.

“It would be a situation where the court says enough is enough,” Judge Linda Chan said Monday. She said it was appropriate for the court to order Evergrande to wind up its business given a “lack of progress on the part of the company putting forward a viable restructuring proposal” as well as Evergrande’s insolvency.

China Evergrande Group is among dozens of Chinese developers that have collapsed since 2020 under official pressure to rein in surging debt the ruling Communist Party views as a threat to China’s slowing economic growth. But the crackdown on excess borrowing tipped the property industry into crisis, dragging on the economy and rattling financial systems in and outside China.

Chinese regulators have said the risks of global shockwaves from Evergrande’s failure can be contained. The court documents seen Monday showed Evergrande owes about $25.4 billion to foreign creditors. Its total assets of about $240 billion are dwarfed by its total liabilities.

“It is indisputable that the company is grossly insolvent and is unable to pay its debts,” the documents say.

About 90% of Evergrande’s business is in mainland China. Its chairman, Hui Ka Yan, who is also known as Xu Jiayin, was detained by authorities for suspected “illegal crimes” in late September, further complicating the company’s efforts to recover.

It’s unclear how the liquidation order will affect China’s financial system or Evergrande’s operations as it struggles to deliver housing that has been paid for but not yet handed over to families that put their life savings into such investments.

Evergrande’s Hong Kong-traded shares plunged nearly 21% early Monday before they were suspended from trading. But Hong Kong’s benchmark Hang Seng index was up 0.9% and some property developers saw gains in their share prices.


Man sentenced to death for arson attack at Japanese anime studio that killed 36
Lawyer News | 2024/01/26 14:30
A Japanese court sentenced a man to death after finding him guilty of murder and other crimes Thursday for carrying out an arson attack on an anime studio in Kyoto that killed 36 people.

The Kyoto District Court said it found the defendant, Shinji Aoba, mentally capable to face punishment for his crimes and announced the sentence of capital punishment after a recess in a two-part session on Thursday.

Aoba stormed into Kyoto Animation’s No. 1 studio on July 18, 2019, and set it on fire. Many of the victims were believed to have died of carbon monoxide poisoning. More than 30 other people were badly burned or injured.

Judge Keisuke Masuda said Aoba had wanted to be a novelist but was unsuccessful and so he sought revenge, thinking that Kyoto Animation had stolen novels he submitted as part of a company contest, according to NHK national television.

NHK also reported that Aoba, who was out of work and struggling financially after repeatedly changing jobs, had plotted a separate attack on a train station north of Tokyo a month before the arson attack on the animation studio.

Aoba plotted the attacks after studying past criminal cases involving arson, the court said in the ruling, noting the process showed that Aoba had premeditated the crime and was mentally capable.

“The attack that instantly turned the studio into hell and took the precious lives of 36 people, caused them indescribable pain,” the judge said, according to NHK. During the trial, Aoba told the victims’ families that he was sorry, but he did not show sincere regret or face their sufferings fully, and there was little hope for correction, the ruling said.

Aoba, 45, was severely burned and was hospitalized for 10 months before his arrest in May 2020. He appeared in court in a wheelchair.

His defense lawyers argued he was mentally unfit to be held criminally responsible.

About 70 people were working inside the studio in southern Kyoto, Japan’s ancient capital, at the time of the attack. One of the survivors said he saw a black cloud rising from downstairs, then scorching heat came and he jumped from a window of the three-story building gasping for air.

The company, founded in 1981 and better known as KyoAni, made a mega-hit anime series about high school girls, and the studio trained aspirants to the craft.

Japanese media have described Aoba as being thought of as a troublemaker who repeatedly changed contract jobs and apartments and quarreled with neighbors. The fire was Japan’s deadliest since 2001, when a blaze in Tokyo’s congested Kabukicho entertainment district killed 44 people.

Chief Cabinet Secretary Yoshimasa Hayashi said the Kyoto Animation attack was “a highly tragic case” and that the government has since stepped up restrictions on gasoline sales, including mandatory identification checks of purchasers. Hayashi, however, declined to comment on the death penalty ruling.


Hong Kong activist publisher Lai pleads not guilty to sedition charges
Lawyer News | 2024/01/02 09:51
Prominent activist and publisher Jimmy Lai on Tuesday pleaded not guilty to three charges of sedition and collusion with foreign countries in a landmark national security trial in Hong Kong.

Lai was arrested during a crackdown on dissidents following huge pro-democracy protests in 2019. He faces possible life imprisonment if convicted under a sweeping national security law imposed by Beijing. The trial is expected to last about 80 days without a jury.

The 76-year-old media tycoon who founded the now-defunct Apple Daily newspaper faces one count of conspiring to print seditious publications to incite hatred against the Chinese and Hong Kong governments, as well as two counts of collusion with foreign countries to call for sanctions and other hostile actions against China and Hong Kong.

Flanked by three prison officers, Lai formally pleaded not guilty to the charges read to him, shortly after the court rejected a last-ditch attempt by his counsel to throw out a sedition charge.

Prosecutor Anthony Chau in his opening statements described Lai as a “radical political figure” and the “mastermind” behind a conspiracy. Chau also said that Lai had used his media platform to advance his political agenda.

Clips of interviews that Lai gave to foreign media as well as speeches at events between 2019 and 2020 were also played in court. In the video, Lai called for support from foreign governments and urged U.S. officials as well as then-President Donald Trump to impose “draconian” measures on China and Chinese officials in retaliation for imposing the national security law and restricting freedoms in Hong Kong.

His prosecution has drawn criticism from the United States and the United Kingdom. Beijing has called those comments irresponsible, saying they went against international law and the basic norms of international relations.

The Inter-Parliamentary Alliance on China, or IPAC, an international political group that’s critical of China’s human rights record and foreign policy, said Lai’s trial “fabricated” evidence that the media mogul was involved in its work.


Mexico’s Supreme Court lifts 2022 ban on bullfighting
Lawyer News | 2023/12/07 12:26
Mexico’s Supreme Court on Wednesday overturned a 2022 ban on bullfighting in Mexico City, opening the way for events to resume.

A panel of five justices voted to overturn a May 2022 injunction that said bullfights violated city resident’s rights to a healthy environment free from violence.

The justices did not explain their arguments for overturning the ban, but bullfight organizers claimed it violated their right to continue the tradition. The capital had a history of almost 500 years of bullfighting, but there had been no fights since the 2022 injunction.

A crowd of people gathered outside the Supreme Court building Wednesday, holding up signs reading “Bulls Yes, Bullfighters No!” and “Mexico says no to bullfights.”

Critics say the fights inherently represent cruelty to animals.

“Animals are not things, they are living beings with feelings, and these living, feeling beings deserve protection under the constitution of Mexico City,” said city councilman Jorge Gaviño, who has tried three times to pass legislation for a permanent ban. None has passed.

Bullfight organizers say it is a question of rights.

“This is not an animal welfare issue. This is an issue of freedoms, and how justice is applied to the rest of the public,” said José Saborit, the director of the Mexican Association of Bullfighting. “A small sector of the population wants to impose its moral outlook, and I think there is room for all of us in this world, in a regulated way.”

Since 2013, several of Mexico’s 32 states have banned bullfights. Brazil, Argentina, Chile and Uruguay have banned bullfighting.

According to historians, Spanish conqueror Hernán Cortés watched some of the first bullfights in the city in the 1520s, soon after his 1521 Conquest of the Aztec capital.


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