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Foreign and domestic distressed debt funds expect a big supply of bad loans to come on to the market in China after at least five years in which banks largely sat on their portfolios of troubled loans.

The Singapore Exchange (SGX) stands ready to take action against any breach of its listing rules after investigations into FibreChem Technologies pointed to potential breaches.

Independent investigators have issued a damning report on FibreChem Technologies for making several accounting misstatements in its financial results over several years.

Mainland-listed companies have endured a tough time this year, with 70pc running paper losses and analysts predicting much worse ahead

Fears of hard landing by mainland’s economy see risk-averse investors decide to pull out their capital

Three years of investigations have uncovered several financial and accounting irregularities at FibreChem Technologies, including an unauthorised share transfer and HK$777 million (about S$130 million) in missing cash.

Asiasons WFG Financial said that internal controls failed to catch a breach of its stockbroking arm’s operating licence, its non-executive deputy chairman Ng Teck Wah said yesterday.