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Netflix to invest over $1.14 billion in Spain until 2029

Netflix to invest over $1.14 billion in Spain until 2029

CNA10-06-2025

MADRID :Netflix is set to invest over 1 billion euros ($1.14 billion) to produce content in Spain over the next four years, the streaming giant's co-CEO, Ted Sarandos, told an event in Madrid on Tuesday.
($1 = 0.8756 euros)

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Super Rich In Korea's David Yong, accused of multiple offences, allowed to leave Singapore in July
Super Rich In Korea's David Yong, accused of multiple offences, allowed to leave Singapore in July

Straits Times

time2 days ago

  • Straits Times

Super Rich In Korea's David Yong, accused of multiple offences, allowed to leave Singapore in July

On June 27, a district court allowed him to travel to Seoul from July 4 to 11, and Kuala Lumpur from July 14 to 21. PHOTO: ST FILE Super Rich In Korea's David Yong, accused of multiple offences, allowed to leave Singapore in July SINGAPORE – Businessman David Yong, who was featured in the Netflix series Super Rich In Korea and accused of multiple offences, has been granted permission to leave Singapore for business trips to South Korea and Malaysia. On June 27 , a district court allowed him to travel to Seoul from July 4 to 11, and Kuala Lumpur from July 14 to 21. His current bail of $1 million was also increased by another $500,000. The 38-year-old Singaporean, whose full name is Yong Khung Lin, is chief executive of a group of companies collectively known as Evergreen Group Holdings. He was charged in 2024 with four counts of falsification of accounts. On June 3, he was handed his fifth charge involving more than 1,000 promissory notes made by a company linked to him. In his fourth travel application on June 27, Yong, who is represented by lawyers Navin Naidu, Philip Teh and Aaron Lim of Dentons Rodyk & Davidson, sought permission to attend to 'urgent matters' for his businesses overseas including securing new office premises. In earlier proceedings, the court heard that he had a Cambodian passport under the name 'Duong Dara' that he claimed to have surrendered to the Cambodian authorities in June 2024. In March, District Judge Brenda Tan rejected his application to leave Singapore, as there was no official confirmation on the whereabouts of his Cambodian passport. On June 27, Mr Naidu told the court that the whereabouts of Yong's Cambodian passport might have not been completely resolved in the past, but that the issue is now ' conclusively resolved '. Mr Naidu also submitted that Yong has no interest in applying for any other foreign passports. The lawyers also tendered supporting documents showing that their client was physically required to attend to his business matters in South Korea and Malaysia. Judge Tan then granted Yong's permission to leave Singapore in July under multiple conditions. Among other things, he must furnish the complete travel itinerary before his departure to the investigation officer (IO) or an officer acting under the latter's direction. He must also surrender his passport to the IO or an officer acting under the latter's direction within 24 hours of his return on July 21. Yong was arrested on Aug 1, 2024, just three months after he appeared in Super Rich In Korea. He faced his first charge two days later over allegations he abetted a woman identified as Jolene Low Mong Han to falsify papers belonging to Evergreen GH – an entity under Evergreen Group Holdings. According to court documents, Yong allegedly instigated Ms Low on or around Dec 16, 2021, to falsify a tax invoice dated Sept 1, 2021, from Evergreen Assets Management for purported bulk sales of household fittings and appliances to a person named Roy Teo. Yong was later handed his second and third charges in relation to a promissory note arrangement involving Evergreen Group Holdings. They relate to events on or around Dec 16, 2021. Yong is said to have instigated Ms Low to falsify two tax invoices from Evergreen Assets Management for purported sales of furniture to two separate entities. He appeared again in court on Aug 15, 2024, over allegations that he falsified papers belonging to Evergreen GH, formerly known as Evergreen Assets Management. Yong was handed his fifth charge earlier in June. In his latest charge, Yong is accused of consenting to the offering of promissory notes by Evergreen GRP Holdings (EGR) between July 2023 and July 2024 that did not comply with requirements under the Securities and Futures Act (SFA). According to the Singapore Legal Advice website, a promissory note is a written and signed unconditional promise made by a borrower to pay a certain sum of money to a specified party. This party may be a person or company. Such notes are considered contracts and are legally enforceable. In a statement on June 3, the police said more than $61 million was raised from the issuance of over 1,000 promissory notes that promised an annual interest of 10 per cent. A police spokesperson added: 'Under the SFA, any offer of securities must be made in or accompanied by a prospectus that is lodged with and registered by the Monetary Authority of Singapore, unless an exemption applies. 'The prospectus must contain all the information that investors and their advisers would reasonably require to make an informed investment decision. As such, members of the public are advised to exercise caution when dealing with such offers without a prospectus.' Yong's pre-trial conference will take place on July 18. Shaffiq Alkhatib is The Straits Times' court correspondent, covering mainly criminal cases heard at the State Courts. Join ST's WhatsApp Channel and get the latest news and must-reads.

FC Barcelona sells bonds, restructures stadium-revamp debt
FC Barcelona sells bonds, restructures stadium-revamp debt

CNA

time2 days ago

  • CNA

FC Barcelona sells bonds, restructures stadium-revamp debt

MADRID :FC Barcelona said on Friday it was selling 424 million euros ($498 million) in bonds as part of a deal to restructure the debt it contracted for its Camp Nou stadium renovation that allows it to postpone the first repayment to 2033 from 2028. The Spanish football club had secured 1.45 billion euros ($1.70 billion) in financing in 2023 from 20 investors including Goldman Sachs and JP Morgan to overhaul its ageing stadium. The men's first team is scheduled to play a friendly at Camp Nou on August 10 in a partial reopening. The club said in a statement that Goldman Sachs, acting as financial adviser, had facilitated the restructuring of the 424-million-euro debt tranche, allowing the full debt to be repaid from 2033 to 2050. Under the original 2023 deal, the club had been due to pay back investors in progressive tranches - after five, seven, nine, 20, and 24 years. "The club is fulfilling the necessary steps to ensure a gradual and staggered repayment," FC Barcelona said. The average cost of the refinanced amount stands at 5.19 per cent. Barcelona expects the modernised stadium to boost annual revenues by more than 200 million euros through sponsorship deals, naming rights, ticket sales, catering, VIP services, and events. ($1 = 0.8521 euros)

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