Red storm gathering

The storm had always been here. The shorts are having a party.

Article on the garbage festering HK exchange.

And a breaking story on the ICAC arresting the joint chairmen of Sun Hung Kai Properties, the biggest property company in HK with a market cap of HK$260b (that's after today's drop of 12%).

First Natural: Special Deal for a thief

Can someone who has stolen from and destroyed a company still be a creditor? The thief is still sitting on the stolen subsidiaries in the mainland while the SFC .....twiddles their thumbs.

"Based on books and records available to the Directors and the Provisional Liquidators, Mr. Yeung is a potential creditor under the Scheme. As at the date of this announcement, Mr. Yeung has not filed any claim to the Provisional Liquidators. As under the Scheme, subject to adjudication and adjustment, it

is estimated that approximately 2,500,000 Creditors Shares with the amount of approximately HK$9.7 million as the Cash Settlement together with apportioned part of the realisation of the assets of the Excluded Companies, if any, will be issued and paid by the Company to Mr. Yeung, who is interested in approximately 35.13% of the issued share capital of the Company before the Capital Restructuring, to settle the indebtedness of approximately HK$68 million owed to him. The settlement with Mr. Yeung under the Scheme will constitute a special deal under Note 5 to Rule 25 of the Takeovers Code"

K&L Gates Partner steals $4m

"The money that I stole was used to pay my gambling losses that I have accumulated over the years. I was using one 'escrow' to cover the other. I don't know what the devil got into me. Sorry."

Standard Chartered Bank

One of the best performing banks. Focusing on Asia, Africa and the Middle East, however,..

"Judging from its loan-loss provisioning, StanChart, the second largest bank in the UK by market value, clearly does not see risk building in the system for now.

"StanChart set aside 0.28 per cent of its outstanding loans as loan-loss provisions at the end of 2011, against 1.2 per cent at HSBC and 1.2 per cent at Barclays, according to company figures and Thomson Reuters Starmine."

on the consumer banking front, StanChart has said it will continue to expand into the riskier unsecured lending space, which now makes up a relatively low 17 per cent of its total consumer loan book but contributes for an outsized portion of its overall income."

India has dropped into the waste basket, now ...

"Evidence abounds in Asia that credit quality is expected to worsen soon, however. In South Korea, one of StanChart's biggest markets, average household debt has already exceeded that of the United States just before the 2008 sub-prime crisis."