ICBC executives released from custody in Spain

    A SPANISH court Tuesday ordered the release from custody of two Chinese banking executives arrested in February as part of a money laundering probe into China’s biggest bank, Industrial and Commercial Bank of China (ICBC).

    The two Madrid-based ICBC executives, Liu Gang and Liu Wei, were released after the court decided there was no flight risk and dismissed concerns that they might destroy evidence, court documents said. A third ICBC employee will remain in jail. The ruling on their release does not anticipate the outcome of their case. The two men will have their passports taken away and will have to appear in court at least twice a month.

    Shanghai Jahwa in talks to buy Tommee Tippee

    SHANGHAI-LISTED chemical products maker Shanghai Jahwa United Co. is in advanced talks to buy Tommee Tippee, which manufactures baby products, for close to 300 million pounds (US$428 million), Sky News reported yesterday.

    Shanghai Jahwa is looking to strike a deal with private equity firm 3i Group, the owner of Mayborn Group that controls the Tommee Tippee brand, Sky News said, citing unnamed sources. It said the deal could be announced as soon as this week, although it could be delayed or not even materialize.

    Courts order Shanshui Cement to pay creditors

    CHINESE courts have ordered cash-strapped Shandong Shanshui Cement Group Ltd. to pay back its creditors 2.4 billion yuan (US$372 million), the company said in a statement posted on the Shanghai Clearing House website Tuesday.

    The company said it was unlikely to be able to make the required payments due to financial difficulties and the courts would take steps such as auctioning off the firm’s assets to meet these obligations. Bond defaults by the cement maker, a subsidiary of Hong Kong-listed China Shanshui Cement Group Ltd., had led creditors to turn to legal avenues to seek repayments.

    Sinosteel extends bond repayment deadline again

    CHINA’S State-owned steelmaker Sinosteel has once again postponed its deadline to pay off interest on 2 million yuan (US$309,607.11) in enterprise bonds, the company said.

    That marks the eighth time the company has postponed payment on bonds issued in 2010 with an option to redeem at year five. The company became the first steel producer to default on domestic bonds on missing the initial deadline Oct. 12, 2015.