Citic is solid, chairman says: trust firm's debts fully backed by government

Article Abstract:

China International Trust & Investment (Citic) Chmn Wang Jun gave assurance of the financial stability of the country's largest trust firm. Wang said that the company faced serious problems in 1998, including declining profit at its Hong Kong operations, falling profit margins companywide and a downturn in its credit rating, but qualified that the company remains financially sound and has initiated measures to survive the turmoil. He also emphasized that Citic's debts have the full backing of the Chinese government.

China, Sales, profits & dividends, Security & commodity services, not elsewhere classified, Depository Trusts, Trusts, Estates, and Agency Accounts, Finance, China International Trust and Investment Corp.

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First Pacific, bucking the trend, taps Southeast Asia

Article Abstract:

Trading house First Pacific Co. of Hong Kong has decided to invest more of its capital into Southeast Asian markets after a series of losses in its homeland. The company has invested some US$50 million in cellular telephone services in China and is also has similar deals in India, Taiwan, Indonesia and the Philippines. The firm was, which was founded 16 years ago by the Indonesian clan of Liem Sioe Liong, is now operated under the strict supervision of Filipino investment banker Manny Pangilinan.

Management, Financial services industry, Hong Kong, First Pacific Company Ltd.

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Fund targets Asian debt: Mytilus trades its shares for illiquid vehicles

Article Abstract:

The Mytilus fund of Asia Debt Recovery Co. is the only debt-focused recovery fund in Asia. The Mytilus works by trading shares of the fund with the illiquid assets of debt-ridden companies. Companies turning their bad assets over to Mytilus get a stake in the fund equal to the market value of the bad debt. While Mytilus does not guarantee the recovery of investments in the bad assets, the fund does guarantee some form of return

Services, Securities industry, Asia Debt Recovery Co.

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