Singapore caught in the crossfire of powerful clans
A CLASH between two powerful clans, Indonesia's Widjaja family and the Batista brothers of Brazil, that has been playing out in Sao Paolo following a scandal that has rocked Latin America's largest nation, has germinated in Singapore and claimed one casualty - a US$500 million bond offering by Eldorado Brasil Celulose, a pulp maker owned by the warring sides.
Since the Singapore court blocked the sale of Eldorado's bonds to local investors in February this year, the fate of the bond issue by one of the world's largest wood pulp makers, whose output is used in everything from tissue and writing paper to cardboard, remains cloudy.
According to a newswire report out of Brazil, the court here had ordered the firm to clarify information on its offer document. This came days after a complaint was filed with the US securities regulator by a shareholder, reportedly Paper Excellence, a Netherlands-based company owned by Jackson Widjaja, alleging that bond investors had received "fundamentally material inaccuracies" ahead of the issue.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Jefferies asks judge to remove managers of Weiss Multi-Strategy
JPMorgan sees gain of about US$8 billion from Visa exchange offer
BlackRock cuts jobs in muni business under new leadership
Grayscale Bitcoin Trust sees first inflows since US ETFs were approved
Goldman Sachs rings in 25 years of public life with stock at record
Nvidia is missing link in a strong season of AI earnings reports