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Business news: the past week in Asia

Date: 26 Nov 2009

China and India urged local banks to raise their capital adequacy ratios, Japan’s Mitsubishi UFJ Group plans a major equity issue for that reason, and China Minsheng Bank’s Hong Kong listing goes well initially but drops in the aftermarket.

Keywords (click to search): [Asia-Pacific] [media] [round-up]

Richard Morrow

AUSTRALIA
The Australian Tax Office launched a surprise action against US private equity firm TPG, pursuing more than US$620 million in taxes and penalties in relation to its recent IPO of department store chain Myer. The authority argues that TPG set up an ownership structure in Myer to avoid tax, using a set of companies in the Netherlands, Luxembourg and the Cayman Islands to shift profits out of Australia without paying taxes. TPG strongly denies the allegations.

China Metallurgical Group and Minara Resources look set to join the bidding process for the failed Ravensthorpe nickel mine owned by BHP Billiton, according to sources familiar with the process. Poseidon Nickel and Canada’s First Quantum are also in the running for the mine, the sale of which BHP hopes will raise up to A$500 million (US$460 million).

CHINAThe China Banking Regulatory Commission warned that it would refuse approvals for...

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