Hong Kong’s market regulator is proceeding with its plan to compensate minority shareholders of collapsed developer China Evergrande Group, brushing aside a legal challenge by the company’s liquidators.
The Securities and Futures Commission will proceed with detailed provisions of the HK$1 billion ($128 million) restitution process, according to a spokesperson.
The dispute highlights the escalating race to extract funds from what was once China’s most indebted developer. The SFC reached an agreement in April with PricewaterhouseCoopers’s Hong Kong affiliate, under which the auditor agreed to set aside the HK$1 billion fund for eligible independent minority shareholders without admitting ...
