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On November 30th, Canadian Solar announced that it plans to adjust its US market business by establishing two new joint ventures, M and N, with its controlling shareholder, Canadian Solar Inc. (CSIQ). CSI will hold 24.9% of the shares, and CSIQ will hold 75.1%. Company M will focus on the US photovoltaic business, while Company N will focus on the US energy storage business. Simultaneously, the company plans to restructure its US manufacturing plant, with CSIQ holding 75.1% and CSI holding 24.9%, to obtain a one-time equity transfer consideration and subsequent ongoing equity gains from the 24.9% stake in the US business. This transaction and the waiver of commitments have been approved by the board of directors and are subject to shareholder approval.On November 30th, Baili Tianheng announced that its wholly-owned subsidiary, SystImmune, recently received a $250 million milestone payment from BMS. According to the cooperation agreement, the company is also eligible for up to $250 million in near-term contingent payments, as well as additional payments of up to $7.1 billion upon achieving specific development, registration, and sales milestones.On November 30th, Zhuochuang Information announced that it submitted an application to the Hong Kong Stock Exchange on November 28th, 2025, for the issuance of overseas listed shares (H shares) and listing on the Main Board of the Hong Kong Stock Exchange. The application materials for this issuance and listing were also published on the Hong Kong Stock Exchange website on the same day. The issuance and listing are subject to approval, authorization, or filing by relevant government agencies, regulatory bodies, and stock exchanges, and will be implemented only after comprehensive consideration of market conditions and other factors. Therefore, the matter remains subject to uncertainty.On November 30th, Japanese Finance Minister Satsuki Katayama stated on Sunday that the recent sharp fluctuations in the foreign exchange market and the rapid depreciation of the yen were clearly not driven by fundamentals. "Our position is to issue a warning about such events," Katayama said. She reiterated that currency intervention is still possible in response to excessive yen volatility and speculative movements. This aligns with the September Japan-US joint statement, which stated that exchange rates should be determined by the market. On Monday, the market will closely watch for comments from Bank of Japan Governor Kazuo Ueda to see if he signals a possible interest rate hike at the Bank of Japans December meeting.The Kurdistan Regional Governments Electricity Department: Operations at the Khormor oil field have resumed, and the transmission of natural gas to the power plant began at 2:00 AM.

FTX was run as ‘personal fiefdom,’ faces hacks, missing assets -attorneys

Jimmy Khan

Nov 23, 2022 16:03

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Attorneys for the defunct cryptocurrency exchange FTX outlined continuous issues like cyberattacks and sizable missing assets during its first bankruptcy hearing, claiming that it was governed as a "personal fiefdom" of former CEO Sam Bankman-Fried.


The biggest cryptocurrency scandal to date saw FTX file for protection in the US after users withdrew $6 billion in three days, and rival exchange Binance abandoned a rescue plan. An estimated 1 million creditors are now dealing with losses amounting to billions of dollars as a result of the collapse.


At a bankruptcy court on Tuesday, an attorney for FTX stated that although the company currently plans to sell off healthy business units, it has experienced cyberattacks and "significant" assets have gone missing.


On Saturday, FTX announced that it had started a strategic evaluation of its global assets and was getting ready to sell or reorganize some companies. On Tuesday, FTX announced that it had received interest from possible buyers for certain of its assets and will go through the process of reorganizing or selling them.


A livestream of the proceeding from the U.S. Bankruptcy Court in Wilmington, Delaware, was seen by about 1,500 people on YouTube and Zoom.


A lawyer also claimed that Bankman-Fried had ran the company as his "personal fiefdom," spending $300 million on real estate, including residences and holiday homes for key workers. FTX, which has been run by new CEO John Ray since the bankruptcy filing, has charged Bankman-Fried with collaborating with Bahamian regulators to "undermine" the U.S. bankruptcy case and transfer assets abroad.


An email asking for comment did not receive a prompt response from Bankman-Fried.


According to official property records, Bankman-FTX, Fried's his parents, and senior executives of the defunct cryptocurrency exchange purchased at least 19 homes in the Bahamas for close to $121 million over the last two years, according to a previous story by Reuters.


Additionally, lawyers argued that Binance's July 2021 sale of FTX ought to be the subject of an investigation. In 2019, Binance invested in FTX.


Separately, FTX's cash balance of $1.24 billion as of Sunday was "significantly larger" than previously believed, according to a filing made late on Monday by Ed Mosley of Alvarez & Marsal, a consulting firm that advises FTX.


Along with $172 million at FTX's Japan division, it also contains over $400 million in accounts linked to Bankman-cryptocurrency Fried's trading company Alameda Research.


According to Reuters, Bankman-Fried utilized $10 billion in customer cash in secret to support his trading company, and at least $1 billion of those deposits had disappeared.


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