China Evergrande obtains injunctions against executives, aims to recover $6 bln (updated)

China Evergrande New Energy Vehicle

05/08/2024 14:29

(Adds details on share trading in last paragraph)
       Aug 5 (Reuters) - China Evergrande  3333.HK  said on
Monday the indebted property developer has obtained injunctions
against three executives, and it seeks to recover about $6
billion from legal proceedings against seven individuals. 
    In late March, liquidator Alvarez & Marsal started legal
proceedings against seven individuals, including the company's
former top brass, in a Hong Kong Court. 
    The company aims to recover the $6 billion it paid on the
basis of allegedly misstated financial statements for each of
the financial years ended December 2017 to December 2020.
    Confidentiality orders on the injunctions and the
proceedings were lifted on Aug. 2. 
    The company said its shares will remain suspended until
further notice. 
     

 (Reporting by Archishma Iyer in Bengaluru; Editing by Vijay
Kishore and Shinjini Ganguli)
 ((Archishma.Iyer@thomsonreuters.com;))